Copper softens in futures trade on global cues

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Copper prices fell by Rs 3.65 to Rs 412 per kg in futures trade today as speculators reduced their positions, tracking a weakening global trend. 

At the Multi Commodity Exchange, copper for delivery in November fell by Rs 3.65, or 0.88 per cent, to Rs 412 per kg, with a business turnover of 2,458 lots. It ended 0.09 per cent lower at Rs 415.65 in the previous session. 

Similarly, the metal for delivery in February, next year traded lower by Rs 3.70, or 0.86 per cent, to Rs 416.20 per kg, with an open interest of 188 lots. 

Market analysts said a weakening trend in global markets on escalating concern over Europe's sovereign debt crisis, reducing prospects of growing demand for industrial metals, mainly put pressure on the copper futures prices here. 

Meanwhile, copper for three-months delivery fell by 0.7 per cent to USD 8,762.25 a tonne, the lowest level in since August 23 on the London Metal Exchange.

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