ET:Copper futures fall 1.23 pc on global cues, profit-booking
NEW DELHI: Amid a weak trend overseas and profit-booking by speculators, copper prices fell by 1.23 per cent to Rs 486.55 per kg in futures trade today.
At the Multi Commodity Exchange, copper for delivery in far-month February fell Rs 6.05, or 1.23 per cent, to Rs 486.55 per kg in a business turnover of 241 lots.
Similarly, the metal for delivery in November traded lower by Rs 5.70, or 1.18 per cent to Rs 478 per kg in 2,766 lots.
Analysts attributed the fall in copper futures to a weak global trend on mounting speculation that the Federal Reserve will ease economic stimulus and on concern the US is moving closer to a military strike on Syria.
Besides, profit-booking by speculators after recent gain also weighed on copper prices, they said.
Meanwhile, copper lost 1.70 per cent to trade at USD 7,124 a tonne on the London Metal Exchange.
