Copper futures fall 0.35 per cent on weak global cues

NEW DELHI: Copper prices fell 0.35 per cent to Rs 344.80 per kg in futures trade today as speculators offloaded their positions after the metal headed for a third monthly loss in global market.

At the Multi Commodity Exchange, copper for delivery in far-month November contracts was trading lower by Rs 1.20, or 0.35 per cent, to Rs 344.80 per kg in business turnover of seven lots.

Similarly, the metal for delivery in August traded lower by Rs 1.05, or 0.31 per cent, to Rs 337.90 per kg in 766 lots.

Analysts attributed the fall in copper futures to a weak trend in metal at the London Metal Exchange (LME) as a surging dollar and speculation that demand in China remained weak.

Meanwhile, copper for delivery in three months was little changed at USD 5,264 per tonne at the LME, while dropped 0.4 per cent in Shanghai. Prices are 8.7 per cent lower this month, and fell to six-year low on July 27.