Copper down 0.2% on global cues

Metal for delivery in three months dropped as much as 0.6% on LME

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Amid weak global cues and subdued domestic demand, copper prices fell by 0.26% to Rs 403.65 per kg in futures trade today as speculators reduced positions.

At the Multi Commodity Exchange, copper for delivery in April fell by Rs 1.05, or 0.26%, to Rs 403.65 per kg in a business turnover of 891 lots.

Similarly, the metal for delivery in June traded lower by Re 1, or 0.24%, to Rs 408.30 per kg in 18 lots.

Analysts attributed the fall in copper futures to weak global trend as mines in Chile, the world's biggest producer, were returning to normal operations after the government ordered an evacuation following an earthquake and tsunami.

Besides, subdued demand in the spot market also put pressure, they said.

Meanwhile, copper for delivery in three months dropped as much as 0.6% to $6,632 per tonne on the London Metal Exchange, while in Shanghai, futures for delivery in June fell 0.3% to 46,500 yuan ($7,493) a tonne.