Copper futures fall 0.20% on global cues
Copper prices declined by 0.20 per cent to Rs 414.80 per kg in futures trade today as participants were indulged in trimming their positions, tracking a weak trend in select base metals overseas.
Besides, muted spot demand from consuming industries fuelled the downtrend.
At the Multi Commodity Exchange, copper for delivery in current month shed 85 paise, or 0.20 per cent, to Rs 414.80 per kg,, in a business turnover of 850 lots.
Metal for delivery in far-month November too fell by a similar margin to trade Rs 420.90 per kg in 70 lots.
Analysts attributed the fall in copper futures to weak trend in global markets where it dropped from multi-year peaks as some investors locked in profits from a steep rally amid doubts about future demand in top metals consumer China.
Globally, copper on the London Metal Exchange ended down 0.6 per cent at USD 6,490 a metric tonne in yesterday's trade.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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