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This is an archive article published on October 19, 2012

Copper futures down 0.41% on weak global cues

Copper prices moved down by Rs 1.80 to Rs 442 per kg in futures trade.

Copper prices moved down by Rs 1.80 to Rs 442 per kg in futures trade today as speculators trimmed their positions,taking negative cues from overseas markets.

Sentiment turned bearish after copper fell in overseas markets as a Chinese central bank adviser said the government won’t provide big economic stimulus and US jobless claims increased.

At the Multi Commodity Exchange,copper for delivery in November declined by Rs 1.80,or 0.41 per cent,to Rs 442 per kg,with a business turnover of 11,973 lots. Likewise,the metal for delivery in February lost Rs 1.75,or 0.39 per cent,to Rs 447.40 per kg in 859 lots.

Marketmen said speculators trimmed their positions in tandem with a weak global trend which mainly led to a fall in copper prices at futures trade.

Meanwhile,copper for delivery in three months lost 0.9 per cent to USD 8,144 a tonne on the London Metal Exchange.

 

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