ET:Copper futures soften on global cues, subdued spot demand
NEW DELHI: Tracking a weak global trend, copper prices softened by 0.17 per cent to Rs 444.40 per kg in futures trade today as speculators trimmed positions.
Besides, sluggish demand at domestic spot markets also put pressure on the metal prices.
At the Multi Commodity Exchange, copper for delivery in February shed 75 paise, or 0.17 per cent, to Rs 444.40 per kg, with a business turnover of 261 lots.
Similarly, the metal for delivery in November traded lower by 70 paise, or 0.16 per cent, to Rs 439.35 per kg, with a business turnover of 4,384 lots.
Marketmen said positions offloaded by speculators in tandem with a weak global trend ahead of data that may add to signs of economic weakness in Europe, reducing demand for industrial metals, leading to a decline in copper futures prices.
Besides, subdued domestic demand also put pressure on the metal prices, they said.
Meanwhile, copper for delivery in three months declined 0.4 per cent to USD 8,294.25 a tonne on the London Metal Exchange
