NEW DELHI, Mar 10: Tracking weak global cues and subdued domestic demand, copper prices fell sharply by 1.80 per cent to Rs 417.35 per kg in futures trade today as speculators reduced their exposures.
Trading sentiments turned weak after copper dropped to month-low at the London Metal Exchange (LME) as weaker-than-expected Chinese trade data and the yuan’s depreciation raised concern that demand for industrial metals is slowing, analysts said.
Besides, subdued demand in the domestic spot market also put pressure, they said.
At the Multi Commodity Exchange, copper for delivery in June fell by Rs 7.65, or 1.80 per cent, to Rs 417.35per kg in business turnover of 188 lots.
Similarly, the metal for delivery in April traded lower by Rs 7.20, or 1.71 per cent, to Rs 414.20 per kg in 3,962 lots.
Globally, copper for delivery in three months slumped as much as 2.6 per cent to USD 6,608 a tonne at the LME, while at Shanghai Futures Exchange it slumped by the 5 per cent daily limit from the last settlement to 46,670 yuan (USD7,602) per tonne.
Meanwhile, Chinese exports slid the most since 2009 last month and inflation slowed to a 13-month low amid declining producer prices, data showed over the weekend. (AGENCIES)
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