SG:Indian copper futures weaken on global cues and subdued demand
Copper futures prices fell by 0.37% to INR 417.95 per kilogram after traders reduced positions, taking weak cues from global markets. The sluggish domestic demand also put pressure on the metal prices.
At the Multi Commodity Exchange, copper for delivery in August lost INR 1.55 or 0.37% to INR 417.95 per kilogram with a trading volume of 2,696 lots. The metal for delivery in June also fell by INR 1.50 or 0.36% to trade at INR 413.10 per kilogram with a trading volume of 21,052.
Analysts said that the fall in copper futures prices was mostly due to a weakening trend in overseas markets on concerns due to slowing growth and subdued demand at domestic spot markets. Meanwhile, copper for three month delivery dropped 0.9% to USD 7,277.75 per tonne on the London Metal Exchange.
