Copper futures down on weak global cues

PTI New Delhi | Updated on June 27, 2011

Copper prices declined by 0.75 per cent to Rs 404.10 per kg at the futures trade today as speculators reduced their positions, triggered by a weakening global trend.

At the Multi Commodity Exchange, copper for delivery in June fell by Rs 3.05 or 0.75 per cent to Rs 404.10 per kg with a business turnover of 6,598 lots. It had ended flat at Rs 407.15 per kg in the previous session.

Similarly, the metal for delivery in August also traded lower by Rs 2.80 or 0.68 per cent to Rs 408.60 per kg in 1,348 lots.

Market analysts said weakness in copper at the futures trade was mainly due to a weakening trend at the London Metal Exchange, where concerns over monetary tightening in China and a stronger dollar weighed on the sentiment.

In addition, sluggish demand at the domestic spot markets put some pressure on the prices, they said.

Meanwhile, copper for three-month delivery fell by 0.9 per cent to $8,965 a tonne at the London Metal Exchange.

Published on June 27, 2011

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