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Copper futures down on profit-booking, global cues

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Press Trust of India New Delhi

Copper prices fell by 0.75% to Rs 425.35 per kg in futures trade today in tune with losses at the London Metal Exchange.

Also, subdued demand for the metal in domestic markets kept pressure on the copper futures here.

At the Multi Commodity Exchange, copper for delivery in November fell by Rs 3.20, or 0.75% to Rs 425.35 per kg, with a business turnover of 29 lots.

It had ended 0.38% higher at Rs 417.35 per kg in the previous session.

Similarly, the metal for delivery in June eased by Rs 2.85, or 414.50% to Rs 414.50 per kg, with a business volume of 14,508 lots.

 

Market analysts said a weakening trend at the London Metal Exchange (LME) after reports showed a slow down in the manufacturing growth in China, raising concern that demand may drop in the world's largest metal consumer.

Meanwhile, copper for three-month delivery at the LME fell by 0.4% to $9,181 a metric tonne in early trade today.

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First Published: Jun 01 2011 | 2:29 PM IST

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