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Copper sheds 0.13% on global cues

High domestic inventories, buzz of slower consumption by China put pressure on futures trade

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Press Trust of India New Delhi

Tracking weak global trends, copper futures prices slipped by 0.13% to Rs 428.60 per kg today.     Sluggish demand at spot markets also put pressure on the futures trade.

At the MCX, copper for delivery in April shed 55 paise, or 0.13%, to Rs 428.60 per kg in business turnover of 4,701 lots.

The June contract was down 55 paise, or 0.13%, to Rs 433.45 per kg in 1,021 lots.

Analysts said positions offloaded by speculators amid weakening global trend on speculation that consumption in China, the world's biggest buyer of the metal, may slow amid falling importers and high domestic inventories, put pressure on the copper prices at futures trade here.

 

Meanwhile, copper for three-month delivery lost 0.5% to $8,164 a tonne on the London Metal Exchange.

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First Published: Apr 26 2012 | 1:03 PM IST

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