Copper futures drop 0.88% on global cues, muted demand

NEW DELHI, Aug 1: Amid weak global cues and sluggish demand at the domestic spot market, copper prices traded lower by 0.88 per cent to Rs 426.35 per kg in futures market today as speculators cut their bets.
Besides, sluggish demand from consuming industries at domestic spot market, fuelled the downtrend.
At the Multi Commodity Exchange, copper for delivery in August fell by Rs 3.80, or 0.88 per cent, to Rs 426.35 per kg in a business turnover of 3,745 lots.
Similarly, the metal for delivery in November contracts moved down by Rs 3.35, or 0.77 per cent, to Rs 433.80 per kg in 92 lots.
Analysts said sentiment turned bearish after London copper edged lower today, with risk appetite curbed by news that the Trump administration may propose a higher 25 percent tariff on USD 200 billion of Chinese imports.
US President Donald Trump’s government had initially announced it would seek to impose a tariff of 10 per cent, and raising the level to 25 per cent would escalate the dispute over trade between the world’s two biggest economies.
Globally, contracts for delivery in three months were down 0.3 per cent at USD 6,282 a tonne on the London Metal Exchange, after falling 4.9 per cent in July. (PTI)