Copper prices drifted lower by 1.13 per cent to Rs 419.60 per kg in futures trade Friday as speculators cut down their positions, tracking a weak demand at the spot market amid weak global cues.
At Multi Commodity Exchange, copper for delivery in November fell by Rs 4.80, or 1.13 per cent, to Rs 419.60 per kg in a business turnover of 2,908 lots.
Similarly, the metal for delivery in far-month February declined by Rs 4.65, or 1.08 per cent, to Rs 425.70 per kg in 46 lots.
Marketmen attributed the fall at futures trade to offloading of positions by participants due to muted demand at the domestic spot market and weakness in copper prices at the London Metal Exchange (LME) on concerns over demand as a trade war between the US and top industrial metals consumer China intensifies.
At the LME, three-month copper eased 0.1 per cent to USD 5,924 a tonne, while the most-traded contract for metal on the Shanghai Futures Exchange gained 0.5 per cent to 47,820 yuan a tonne.
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