Copper futures shed 0.71 pc on weak global cues

NEW DELHI, Apr 17: Tracking a weak trend in global markets, copper prices fell by Rs 2.95 to Rs 411.80 per kg in futures market today as speculators offloaded their positions.
Trading sentiment weakened as copper fell in London as forecasts for growth in US industrial production can’t make up for signs of slowdown in China, the world’s largest buyer of the metal.
At the Multi Commodity Exchange, copper for delivery in April fell by Rs 2.95, or 0.71 per cent, to Rs 411.80 per kg in business turnover of 17,970 lots.
Similarly, the metal for delivery in June contract shed Rs 2.50, or 0.59 per cent, to Rs 417.70 per kg in 2,049 lots.
Market analysts said apart from weakening global trend, sluggish demand from consuming industries in the spot market mainly led to the fall in copper prices at futures trade.
Meanwhile, copper declined 0.3 per cent to USD 7,958.25 a tonne on the London Metal Exchange. (PTI)


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