Copper futures fall 0.41% on weak global cues, low demand

NEW DELHI, Nov 5: Copper prices fell 0.41 per cent to Rs 414.10 per kg in futures trade today amid a weak trend in the global market and subdued spot demand.

At the Multi Commodity Exchange, copper for delivery in far-month February next year shed Rs 1.70, or 0.41 per cent, to Rs 414.10 per kg in business turnover of 55 lots.

Metal for delivery in November also eased by Rs 1.60, or 0.39 per cent, to Rs 408.30 per kg with a turnover of 818 lots.

Analysts attributed the fall in copper futures to weak global cues after European Commission cut growth forecasts for the euro area, dampening the demand outlook for industrial metals.

Besides, subdued demand at domestic spot markets also weighed on the prices, they said.

Globally, copper for delivery in three months fell 0.1 per cent, to USD 6,638 a tonne in the London Metal Exchange while in Shanghai, metal for delivery in January next year dropped 1.4 per cent to 47,050 yuan (USD 7,697) per tonne. (PTI)

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