NEW DELHI, Aug 12: Extending its slide, copper futures fell by another 0.96 per cent to Rs 329.20 per kg today as speculators engaged in trimming positions after China lowered the yuan against the dollar for the second straight day amid subdued demand at the domestic spot markets.
Copper for delivery this month fell by Rs 3.20, or 0.96 per cent to Rs 329.20 per kg at the Multi Commodity Exchange in a business turnover of 3,293 lots.
The metal for delivery in far-month November shed Rs 3.25, or 0.96 per cent, to Rs 336.50 per kg in a business volume of 187 lots.
Analysts said a weakening trend in base metals at the London Metal Exchange (LME) after China devalued its currency against the dollar for the second day today, reflecting a slower outlook for growth as the central bank stuck to its plan to give market forces more sway in determining the exchange rate, put pressure on copper futures here.
The currency weakened 1.6 per cent to 6.4264 per dollar after a 1.8 per cent tumble yesterday.
Globally, copper for delivery in three months traded was trading one per cent lower at LME. (PTI)
Follow our WhatsApp channel