NEW DELHI, Aug 14: Tracking a weak global trend, copper futures traded 0.32 per cent lower at Rs 338.650 per kg today as speculators offloaded bets.
Furthermore, subdued demand at domestic spot market pushed down metal prices.
At Multi Commodity Exchange, copper for delivery in August shed Rs 1.10, or 0.32 per cent, to Rs 338.65 per kg in a business turnover of 425 lots.
Also, metal for delivery in far-month November contract was trading down 95 paise, or 0.27 per cent, at Rs 345.15 per kg in 16 lots.
Analysts attributed the fall to weakness in base metals at the London Metal Exchange (LME) after yuan’s devaluation shook commodities markets and repriced the value of China’s imports and exports of raw materials.
Meanwhile, copper dropped 0.3 per cent to USD 5,170 per tonne at LME. (PTI)
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