SG:Indian copper down on weak global cues and subdued demand
BS reported that amid weak global cues on demand concern, copper prices fell by 0.18% to INR 418.20 per kilogram in futures trade on speculators reducing their positions.
At the Multi Commodity Exchange, copper for delivery in far month August contracts traded 75 paise or 0.18% to INR 418.20 per kilogram in business turnover of 371 lots. Similarly, copper for delivery in August down by INR 70 or 0.17% to INR 412.55 per kilogram in 3,830 lots.
Analysts attributed the fall in copper futures to weak global trend on demand concern as China's trade and industrial production in May trailed estimates and on prospects that the Federal Reserve will scale back stimulus. Besides, subdued demand in the spot market also put pressure.
Meanwhile, copper for delivery in three months dropped as much as 1.1% to USD 7,151.25 per tonne the lowest price since May 16 on the London Metal Exchange.
