Copper futures fall 0.71% on global cues, muted demand

NEW DELHI, May 30: Copper prices softened by 0.71 per cent to Rs 457.45 per kg in futures trade today as speculators offloaded positions amid weak global cues and sluggish demand at the domestic spot markets.
At the Multi Commodity Exchange, copper for delivery in June declined by Rs 3.25, or 0.71 per cent to Rs 457.45 per kg in business turnover of 1,772 lots.
Similarly, the metal for delivery in far-month August contracts eased by Rs 3.30, or 0.71 per cent, to Rs 463 per kg in 117 lots.
Analysts attributed the fall in copper futures to a weak trend at the London Metal Exchange (LME) where the metal fell to a two-week low yesterday, pressured by a firmer dollar and as Italy’s deepening political crisis pulled investors out of risky assets and slackened demand from domestic consuming industries.
Globally, copper for three-month delivery was down 0.7 per cent at USD 6,810 per tonne after hitting an early low of USD 6,802 at the LME. (PTI)