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Copper futures down on profit-booking, weak overseas cues

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Press Trust of India New Delhi

Copper lowered by Rs 3.25, or 1.08 per cent, at Rs 302.55 per kg, in futures trade today, as speculators booked profits amid weak trend overseas.

Sluggish demand at the physical market also weighed on the copper futures prices.

At the Multi Commodity Exchange counter, the metal for delivery in August contract fell Rs 3.25, or 1.08 per cent, to Rs 302.55 per kg, with a turnover of 2,789 lots. It ended 0.70 per cent, higher at Rs 305.80 per kg, in the previous session.

Likewise, the copper for delivery in far-month November contract dipped by Rs 1.05, or 1.41 per cent, to Rs 305.65 per kg, with a turnover of 141 lots.

Analysts said fresh selling by traders in tandem with a weakening trend overseas, on worries about economic recovery weighed on the trading sentiment.

Meanwhile, copper for three-month fell 1.18 per cent to $6,445 a metric tonne at the London Metal Exchange.

 

 

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First Published: Jul 01 2010 | 1:06 PM IST

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