Copper futures soften on global cues

| | Updated on: Jan 13, 2011

Copper futures prices fell by 0.31 per cent to Rs 440 a kg on Thursday as speculators reduced their positions on speculations of slower growth in China, the largest consumer.

At the Multi Commodity Exchange counter, copper for delivery in February traded Rs 1.35 or 0.31 per cent down at Rs 440 a kg, with a trading volume of 3,633 lots. It ended 1.32 per cent higher at Rs 441.35 a kg in the previous session.

The metal for delivery in April also weakened by Rs 1.20 or 0.28 per cent to Rs 443 a kg with a business turnover of 252 lots.

Analysts said the fall in futures was attributed to weakening trend overseas on speculations of a slower growth in China, the world’s largest consumer, dampened demand outlook.

Meanwhile, copper for three-month delivery slid as much as 0.5 per cent to $9,637.50 a tonne on the London Metal Exchange.

Published on January 24, 2011

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