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Copper futures fell over 1 % during afternoon trade in the domestic market on Friday as investors and speculators offloaded their positions in the industrial metal tracking weak cues from global markets on doubts that the post US election rally has much further to run. However, signs of global industrial growth kept check on further losses.
The downward trend in the industrial metal was limited by data showing that China's official PMI rose to 51.7 in the month of November from 51.2. It was stronger than expected. The market also took heart from the signs of US factory activity accelerated to a 5-month high in November amid an uptick in new orders and production, suggesting that the manufacturing sector was regaining its footing.
At the MCX, copper futures for February 2016 contract is trading at Rs 395.15 per kg, down by 1.11%, after opening at Rs 397.90, against a previous close of Rs 399.60. It touched the intra-day low of Rs 394.60.
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