Copper falls to lowest since Jan 12, on weak global cues, subdued demand

Tracking a weakening global trend, copper futures prices today declined by 0.72% to Rs 422 per kg as speculators offloaded their positions.

Subdued demand at domestic spot markets also put pressure on the metal prices at futures trade.

At the MCX, copper for delivery in June declined by Rs 3.05, or 0.72%, to Rs 422 per kg, with a trade volume of 15,187 lots.

Metal prices for the August contract also shed Rs 3, or 0.71%, to Rs 426.20 per kg, with a business turnover of 1,083 lots.

Market analysts attributed the fall in copper futures to a weakening global trend on concerns that the political impasse in Greece and credit rating downgrades of Italian banks by Moody's further contraction in Europe.

Meanwhile, copper for three-month delivery fell one per cent to $7,763.50 a tonne on the London Metal Exchange, the lowest since January 12.