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Copper futures down on profit-booking, global cues

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Press Trust of India New Delhi

Copper fell by 0.24 per cent, or to Rs 359.65 per kg in futures trade today after speculators booked profits amid weak trend overseas.

Subdued demand for the metal at the domestic markets also weighed on the copper prices at futures market here.

At the Multi Commodity Exchange platform, copper for delivery in February eased by 85 paise, or 0.24 per cent, to Rs 359.65 per kg, and clocked a business turnover of 11 lots.
    
Likewise, the metal for delivery in November contract also shed 75 paise, or 0.21 per cent, to Rs 357.65 per kg, with a turnover of 17 lots. It ended 0.82 per cent down at Rs 358.40 per kg in the previous session.
    
Besides, profit-booking by speculators at higher levels, weak trend in base metals at the London Metal Exchange (LME), where strong dollar weighed on the metal, also kept pressure on the copper futures, analysts said.
    
Meanwhile, three-month copper was trading 0.22 per cent down at $7,890 a tonne in early trade today.

 

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First Published: Sep 28 2010 | 1:07 PM IST

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