Copper declines on weak global cues
Copper futures prices fell by 1.34% to Rs 387.95 per kg today as speculators indulged in trimming their positions amid a weak trend on the London Metal Exchange (LME).
Sluggish demand from consuming industries in the domestic spot market also put pressure on copper futures prices here.
At the Multi Commodity Exchange, February copper declined by Rs 5.25, or 1.34%, to Rs 387.95 per kg, with a business turnover of 11,433 lots.
The April delivery lost Rs 5.20, or 1.31%, to Rs 391.95 per kg, with a trading volume of 940 lots.
Analysts attributed the fall in copper prices in futures trade to a weakening trend on the LME as fears over possible credit rating downgrades in Europe stoked worries that the region may take longer to recover from its two-year sovereign debt crisis, dragging down global economic growth.