Copper down 0.1% on global cues, weak demand

Copper prices moved down by 0.06% to Rs 318.20 per kg in futures trade today as speculators cut down their bets amid a weak trend overseas and low demand at spot markets.

Copper for delivery in August shed 20 paise or 0.06% to Rs 318.20 per kg in a business turnover of 790 lots at the Multi Commodity Exchange.

Likewise, the metal for delivery in November traded lower by 10 paise or 0.03% to Rs 324.85 per kg in 68 lots.

Analysts said copper prices fell in line with a weak trend in base metals pack at the London Metal Exchange and strengthening dollar sent commodities down as comments from a US Federal Reserve official bolstered speculation that borrowing costs may rise this year.