NEW DELHI, Oct 27: Amid a weak trend in the global market and subdued domestic demand, copper prices fell by 0.13 per cent in futures trade today as speculators trimmed positions.
At the Multi Commodity Exchange, copper for delivery in far-month February next year fell by 55 paise, or 0.13 per cent, to Rs 417.30 per kg in business turnover of 18 lots.
The metal’s price for delivery in November shed 50 paise, or 0.12 per cent, to trade at Rs 411.80 per kg in a turnover of 166 lots.
Analysts attributed the fall in copper futures to weak global cues on concern that demand will remain weak in China, the world’s biggest consumer of industrial metals.
Besides, low demand from consuming industries at domestic market also put pressure on copper prices, they said.
Globally, copper for delivery in three months retreated as much as 0.50 per cent, to USD 6,695 a tonne in the London Metal Exchange, while the metal for delivery in January next year in the Shanghai Futures Exchange dropped 0.70 per cent to 47,060 yuan (USD 7,697) a tonne. (PTI)
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