Indian copper futures extend losses on global cues and sluggish demand

ET reported that Indian copper prices fell by 0.34% to INR 414.35 per kilogram in futures trading extending yesterday's losses, as speculators off loaded their positions after metal softened in London on concerns of slow down in global economic growth.

At the Multi Commodity Exchange, copper for delivery in June declined by INR 1.40 or 0.34% to INR 414.35 per kilogram with a business turnover of 69 lots. It had closed 0.47% down at INR 415.75 per kilogram in the previous session. Similarly, the metal for delivery in August lost INR 1.40 or 0.33% to INR 419.50 per kilogram with an open interest of 69 lots.

Market analysts said that besides a weakening global trend, on concerns that global economic growth may slow down, dampened the demand for the metal. Meanwhile, copper for three month delivery fell by 0.6% to USD 9,140.25 per tonne on the London Metal Exchange.