Copper weakens in futures trade on overseas trend

Copper futures prices fell by 0.40 per cent today after speculators reduced their positions in line with weakening trend at the London Metal Exchange (LME).

Written by Agencies | New Delhi | Published: April 13, 2012 12:25:46 pm

Copper futures prices fell by 0.40 per cent today after speculators reduced their positions in line with weakening trend at the London Metal Exchange (LME).

Also,subdued demand at spot markets also weighed on the metal prices.

At the Multi Commodity Exchange,copper for delivery in April eased by Rs 1.70,or 0.40 per cent,to Rs 419.80 per kg,with a business volume of 6,218 lots.

Similarly,the metal for delivery in June shed Rs 1.45,or 0.34 per cent,to Rs 425.40 per kg,with a trade volume of 599 lots.

Market analysts attributed weakness in copper futures to off-loading of positions by speculators following weakness in metal at the LME after China’s economy grew by less than expected,raising concerns about demand from the largest user.

Meanwhile,at the LME,three-month-delivery copper lost 0.9 per cent to USD 8,143 a tonne.

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