ET:Copper futures fall 0.24 per cent on weak global cues
NEW DELHI: Amid a weak trend in global market and subdued spot demand, copper prices fell 0.24 per cent to Rs 418.65 per kg in futures trade today.
At the Multi Commodity Exchange, copper for delivery in August shed Re 1, or 0.24 per cent, to Rs 418.65 per kg in business turnover of 872 lots.
Similarly, the metal for delivery in far-month November traded lower by 70 paise, or 0.16 per cent, to Rs 426.15 per kg in 56 lots.
Analysts attributed the fall in copper futures to weak global cues after manufacturing in China, the biggest user, weakened and Goldman Sachs Group Inc said a global surplus may almost double in two years.
Globally, copper for delivery in three months fell one per cent, the most since July 17, to USD 6,984.25 a tonne on the London Metal Exchange.
