Copper futures down on weak overseas cues

Copper prices fell by Rs 4.40 or 1.32 per cent to Rs 307.95 per kg in futures trade on Thursday on the emergence of selling, sparked by a weakening trend in global markets.

Copper prices fell by Rs 4.40 or 1.32 per cent to Rs 307.95 per kg in futures trade on Thursday on the emergence of selling, sparked by a weakening trend in global markets.

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Trading sentiment turned bearish after copper declined in overseas markets after a drop in US housing starts, signalled slower demand for the industrial metal.

At the Multi Commodity Exchange, the metal for delivery in August contract declined by Rs 4.10, or 1.32 per cent to Rs 307.20 per kg, with an open interest of 5,930 lots.

Similarly, the copper for delivery in current-month June contract fell by Rs 4.35, or 1.41 per cent to Rs 303.60 per kg, with an open interest of 25,965 lots.

Analysts said fresh selling by traders in tandem with a weakening trend at the London Metal Exchange mainly pulled down copper prices at futures trade.

Meanwhile, copper for three-month fell 2.1 per cent to USD 6,510 a metric tonne on the London Metal Exchange.