Copper futures fall 0.93% on global cues, low demand

Tracking weak trend overseas amid easing demand at the domestic spot market, copper prices declined by 0.93 per cent to Rs 408.35 per kg in futures trade today as speculators reduced bets.

Besides, easing demand from consuming industries at domestic spot market, too fulled the downtrend.

At the Multi Commodity Exchange, copper for delivery in August fell by Rs 3.85, or 0.93 per cent, to Rs 408.35 per kg in a business turnover of 986 lots.

Likewise, the metal for delivery in November contracts lost Rs 3.65, or 0.87 per cent, to Rs 415.70 per kg in 71 lots.

Analysts said sentiment turned bearish after London copper prices lost more ground today as hopes of progress on trade talks between Washington and Beijing faded, triggering concerns over demand for industrial metals.

Globally, copper for delivery in three months lost 0.3 per cent to USD 5,986 a tonne on the London Metal Exchange.

Also, copper contract on the Shanghai Futures Exchange gave up 0.7 per cent to 48,240 yuan (USD 7,017.75) a tonne.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)