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Tracking a weak trend in base metals overseas and subdued domestic demand, copper prices fell by 1.11% to Rs 344.40 per kg in futures trade today, as traders trimmed positions.
Analysts attributed the fall in copper futures to a weak trend in metal in Shanghai where it fell to six-year low amid a stock market rout in china, stoking fears that the sell-off may trigger a broader slowdown in the world's biggest metals consumer.
At the Multi Commodity Exchange, copper for delivery in August fell by Rs 3.85 or 1.11% to Rs 344.40 per kg in business turnover of 1,699 lots.
The metal's prices for delivery in far-month November contracts shed Rs 3.90 or 1.10% to trade at Rs 350.85 per kg in a turnover of 36 lots.
Globally, copper for September delivery on the Shanghai Futures Exchange dropped 2.9% to 38,630 yuan ($6,221) a tonne at the midday break, trading at the lowest since 2009, while at the London Metal Exchange, the metal for three month delivery was little changed at $5,342.50 per tonne.
