NEW DELHI, Aug 12: Copper prices moved down by 0.44 per cent to Rs 427.85 per kg in futures trade today as speculators reduced positions amid a weak trend overseas and low demand in the spot market.
At the Multi Commodity Exchange, copper for delivery in August shed Rs 1.90, or 0.44 per cent, to Rs 427.85 per kg in a business turnover of 1,974 lots.
Likewise, the metal for delivery in far-month November traded lower by Rs 1.80, or 0.41 per cent, to Rs 436.05 per kg in 87 lots.
Analysts said the fall in copper prices at futures trade was largely in tune with a weak trend in base metals at the London Metal Exchange (LME) ahead of July industrial production and retail sales data tomorrow from China, the world’s biggest consumer of industrial metals.
Besides, low demand from domestic industries too had negative impact, they said.
Meanwhile, copper for delivery in three months retreated 0.50 per cent to USD 6,960 a metric tonne at the LME, while at Shanghai, metal for delivery in October lost 0.70 per cent to 49,560 yuan (USD 8,050) a tonne. (PTI)
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