Copper futures weaken by 0.44 pc

NEW DELHI, June 13: Copper prices fell 0.44 per cent in futures trade today amid a weak trend in the global market and subdued domestic demand.
At the Multi Commodity Exchange, copper for delivery in far-month August shed Rs 2.15, or 0.44 per cent, to Rs 488.50 per kg, in a business turnover of 54 lots.
On similar lines, metal for delivery in current month was down by Rs 2.05, or 0.42 per cent, to Rs 482.55 per kg in 1,413 Lots.
Analysts attributed the fall in copper futures to offloading of positions by speculators following weak global cues as investors await outcome of a key Federal Reserve policy meeting at which it is expected to hike rates.
Higher interest rates usually strengthen the dollar, making dollar-denominated metals more expensive for holders of other currencies.
Globally, copper for delivery in three months on the London Metal Exchange fell 0.4 per cent to USD 7,197 a tonne, trading lower for a fourth straight session, while Shanghai copper shed 0.6 per cent to 53,670 yuan a tonne. (PTI)