Copper declines 0.34% on global cues

Concerns that further economic slowdown from Asia to Europe will dim demand for industrial metals influences prices

Tracking a weak global trend, copper prices traded lower by 0.34% to Rs 437.30 per kg in futures trade today as speculators offloaded their positions.

Sentiment turned bearish after copper declined in the global markets on concerns that further signs of economic slowdown from Asia to Europe will dim demand for industrial metals.

At the Multi Commodity Exchange, copper for delivery in November traded lower by Rs 1.50, or 0.34%, to Rs 437.30 per kg, with a business turnover of 12,208 lots.

February copper shed Rs 1.45, or 0.33%, to Rs 442.55 per kg, with an open interest of 1,137 lots.

Marketmen attributed the decline in copper futures to a weak global trend.

Meanwhile, copper for three-month delivery lost 0.4% to $8,255.50 a tonne on the London Metal Exchange.