NEW DELHI, Aug 10: Copper prices fell 0.23 per cent to Rs 328.95 per kg in futures market today as speculators reduced positions amid a weak trend in global markets.
At the Multi Commodity Exchange, copper for delivery in August traded lower by 75 paise, or 0.23 per cent, to Rs 328.95 per kg in a business turnover of 1,394 lots.
Also, metal for delivery in far-month November month fell by 70 paise, or 0.21 per cent, to Rs 336.10 per kg in 41 lots.
Market analysts said weak trend in metal overseas, where it dropped to a six-year low and other industrial metals declined after inflation and trade data from China underscored weakening demand in the world’s biggest consumer, weighed on copper futures here.
Meanwhile, China’s producer-price index fell 5.4 per cent, exceeding the median estimate for a 5 per cent decrease, while exports sagged 8.3 percent, below the estimate for a 1.5 per cent decline.
The figures give a further indication that demand for Chinese goods is not improving despite government stimulus measures to arrest a slowdown in China’s economy.
Meanwhile, copper for delivery in three months retreated 1.1 per cent to USD 5,118 a metric tonne on the London Metal Exchange, adding to a five-week decline in its worst run since January.
In Shanghai, the metal for delivery in declined 0.7 per cent. (PTI)
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