Copper futures decline 0.34%, tracking weak global cues

NEW DELHI, Aug 4:  Copper prices were down by 0.34 per cent to Rs 332.40 per kg in futures trading today as speculators offloaded positions, taking weak cues from global market.
Further, subdued demand from consuming industries fueled the downtrend.
At the Multi Commodity Exchange, copper for delivery this month moved down by Rs 1.15, or 0.34 per cent, to Rs 332.40 per kg in a business turnover of 886 lots.
Metal for delivery in far-month November also fell by a similar margin to Rs 339.60 per kg in a business volume of 39 lots.
Analysts attributed the fall in copper futures to weak trend in base metals at the London Metal Exchange (LME) after Chinese manufacturing weakened in July, hurting demand in the biggest metal users.
Globally, copper for delivery in three months slided 1.2 per cent to USD 5,158.50 a metric tonne at the LME. (PTI)

LEAVE A REPLY

Please enter your comment!
Please enter your name here