Copper weakens in futures trade on global cues
Copper prices declined by 0.75 per cent to Rs 404.10 per kg in futures trade today as speculators reduced their positions, triggered by a weakening global trend.
At the Multi Commodity Exchange , copper for delivery in June fell by Rs 3.05, or 0.75 per cent, to Rs 404.10 per kg, with a business turnover of 6,598 lots. It had ended flat at Rs 407.15 per kg in the previous session.
Similarly, the metal for delivery in August also traded lower by Rs 2.80, or 0.68 per cent, to Rs 408.60 per kg in 1,348 lots.
Market analysts said weakness in copper at futures trade was mainly due to a weakening trend at the London Metal Exchange , where concerns over monetary tightening in China and a stronger dollar weighed on sentiment.
In addition, sluggish demand at domestic spot markets put some pressure on the prices, they said.
Meanwhile, copper for three-month delivery fell by 0.9 per cent to USD 8,965 a tonne on the London Metal Exchange.