Copper futures soften on global cues

Tracking a weak global trend,copper prices declined by over 1 per cent to Rs 452.75 per kg in futures trade.

Written by Agencies | New Delhi | Published:September 20, 2012 12:24 pm

Tracking a weak global trend,copper prices declined by over 1 per cent to Rs 452.75 per kg in futures trade today as speculators trimmed their positions.

At the Multi Commodity Exchange,copper for delivery in November softened by Rs 5.20,or 1.14 per cent,to Rs 452.75 per kg,with a business turnover of 9,596 lots. Similarly,the metal for delivery in February traded lower by Rs 4.90,or 1.10 per cent,to Rs 457.85 per kg,with a business turnover of 762 lots.

Marketmen said positions offloaded by speculators in tandem with a weak global trend after data from top consumer China showed manufacturing activity steadying,but not improving,put pressure on copper futures prices here.

Meanwhile,copper for delivery in three months declined by USD 57.75,or 0.69 per cent,to USD 8,292.25 a tonne on the London Metal Exchange in early trade today.

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