ET reported that Indian copper prices declined by 0.58% to INR 428.45 per kilogram in futures trade largely in tune with a weak trend overseas amid sluggish domestic demand.

At Multi Commodity Exchange, copper for delivery in August declined by INR 2.50 or 0.58% to INR 428.45 per kilogram with a business turnover of 15,224 lots. Similarly, the metal for delivery in November traded lower by INR 2.45 or 0.56% to INR 432.75 per kilogram with a business turnover of 867 lots.

Marketmen said that besides sluggish domestic demand, a weak trend overseas as China pledged to keep curbs on the property market, slowing demand for industrial metals put pressure on the copper futures here. Meanwhile, copper for the 3 month delivery slipped 0.2% to USD 7,717.25 tonne on the London Metal Exchange.

Source - Economic Times.indiatimes.com

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