Copper futures decline on global cues, profit-booking
Amid a weak trend overseas and sluggish spot demand, copper prices fell by 0.48 per cent in futures trade today as speculators off-loaded their positions.
At the Multi Commodity Exchange , copper for delivery in June fell by Rs 2, or 0.48 per cent to Rs 415.70 per kg, with a business turnover of 2,774 lots.
The metal for delivery in August lost Rs 2.05, or 0.48 per cent to Rs 420.85 per kg, with a business volume of two lots.
Market analysts said besides a weakening global trend, fall in demand in the spot market pulled down the copper futures prices.
Meanwhile, copper for July-delivery on the Comex in New York dropped by 1.1 per cent to USD 4.1405 a pound, while on the Shanghai Futures Exchange the metal fell by 0.8 per cent to 68,120 yuan (USD 10,506) per tonne.