ET:Copper futures fall 0.94% on overseas cues; profit-booking
NEW DELHI: Amid a weak trend in the global market and profit-booking by speculators, copper prices fell by 0.94 per cent in futures trade today.
At the Multi Commodity Exchange, copper for delivery in August fell by Rs 4, or 0.94 per cent, to Rs 421.80 per kg in business turnover of 5,184 lots.
The metal's prices for delivery in far-month November shed Rs 3.80, or 0.88 per cent, to trade at Rs 426.30 per kg in a turnover of 212 lots.
Analysts attributed the fall in copper futures to weak global cues where metal slipped from a two-week high amid concern that slowing economic growth in China, the biggest consumer, will damp demand.
Globally, copper for delivery in three months fell 0.70 per cent, to $ 6,947 a tonne on the London Metal Exchange, while the metal for delivery in October on the Shanghai Futures Exchange declined 0.9 per cent to 50,120 yuan ($ 8,180) a tonne.
