Copper futures fall on weak global cues, low demand

NEW DELHI: Copper futures fell 0.50 per cent to Rs 355.75 per kg today as speculators trimmed positions amid a weak trend in global markets.

Moreover, subdued demand at domestic spot markets also put pressure on prices.

At the Multi Commodity Exchange, copper for delivery in far-month February next year declined by Rs 1.80, or 0.50 per cent, to Rs 355.75 per kg in a business turnover of 19 lots.

The metal for delivery in November fell Rs 1.70, or 0.48 per cent, to Rs 349.45 per kg in a business volume of 1,015 lots.

Analysts said a weak trend in copper and other industrial metals overseas amid renewed concerns over slowing economic growth in China, the biggest consumer, and low demand from consuming industries at the domestic spot market mainly weighed on metal prices here.

Globally, copper for delivery in three months declined 0.6 per cent at the London Metal Exchange (LME).