Copper remains weak, sheds 0.06% on low demand

Copper eased further by 0.06 per cent to Rs 431.50 per kg in futures trade today as speculators narrowed their bets, tracking a weak trend at the spot market on tepid demand, even as the metal strengthened overseas.

At Multi Commodity Exchange, copper for delivery in November shed 25 paise, or 0.06 per cent, to Rs 431.50 per kg in a business turnover of 1,300 lots.

The metal for delivery in far-month February contracts edged down by 20 paise, or 0.05 per cent, to Rs 435.60 per kg in 39 lots.

Globally, copper for three-month delivery ended 1.3 per cent higher at USD 6,522 per tonne at the London Metal Exchange yesterday.

Analysts said offloading of positions by participants due to muted demand from consuming industries in the physical market kept copper prices lower in futures trade.

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