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Copper futures down on profit-booking, weak overseas cues

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Press Trust of India New Delhi

Copper prices fell by Rs 1.25, or 0.40 per cent to Rs 314.75 per kg in futures trade today, as speculators locked-in profits, driven by a weak global trend.

Subdued demand for the metal at the physical market, too, put pressure on the copper futures prices.

At the Multi Commodity Exchange Counter, copper for delivery in most-active August contract eased by 0.40 per cent to Rs 314.75 per kg, with a turnover of 5,049 lots.

It ended 0.30 per cent higher at Rs 316 per kg in the previous session.

The copper for delivery in far-month November contract also fell by Rs 1.20, or 0.38 per cent, to Rs 317.75 per kg, with a turnover of 332 lots.

 

Analysts said fresh selling by traders to book profits and weak trend at the London Metal Exchange in early trade today, put some pressure on the copper prices at futures market here.

Besides, a strong rupee, which makes the dollar quoted commodities cheaper, also weighed on the metal prices at futures market here, they said.

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First Published: Jul 12 2010 | 12:48 PM IST

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