Copper futures extend losses on global cues


Copper prices fell by 0.49 per cent to Rs 435.40 per kg in futures trade today as participants reduced their positions amid a weak trend at the London Metal Exchange (LME). 

At the Multi Commodity Exchange, copper for delivery in August eased by Rs 2.15, or 0.49 per cent, to Rs 435.40 per kg, with a business volume of 7,852 lots. It had ended 0.70 per cent higher at Rs 437.55 per kg yesterday. 

Similarly, the metal for delivery in November shed Rs 2.15, or 0.48 per cent, to Rs 441.40 per kg, with a trade volume of 446 lots. 

Market analysts said offloading of positions by speculators amid a weak trend at the LME as data showed manufacturing in China, the largest consumer, may have fallen, mainly led to the decline in copper futures prices. 

Meanwhile, copper for three-month delivery was trading 0.3 per cent lower at USD 9,722 a tonne in early trade today at the LME.


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