Copper futures drops due to weak global cues, low demand

New Delhi, Sep 11 (PTI) Copper futures were up 0.24 percent lower at Rs 431.75 per kg Tuesday as speculators trimmed positions amid a weak trend in the global markets.

Moreover, muted demand at domestic spot markets also put pressure on prices.

At the Multi Commodity Exchange, copper for delivery in far-month February eased by Rs 1.05, or 0.24 percent, to Rs 431.75 per kg in a business turnover of five lots.

The metal for delivery in November too fell by 80 paise, or 0.19 percent, to trade at Rs 426 per kg in a business volume of 653 lots.

Analysts said apart from weakness in metal at the domestic market a weak trend in copper in the global market as an intensifying trade dispute between the US and China raised concerns over demand for industrial metals, put pressure on the metal prices in futures trade here.

Globally, three-month copper prices fell 0.30 percent at USD 5,892 per tonne.