Copper down 0.2% on global cues, subdued demand

Amid weak global cues and subdued domestic demand, copper prices fell further by 0.29% to Rs 406.85 per kg in futures trade today on speculators reducing their positions.

At the Multi Commodity Exchange, copper for delivery in June fell by Rs 1.20, or 0.29%, to Rs 406.85 per kg in business turnover of 7 lots.

Similarly, the metal for delivery in April traded lower by Rs 1.05, or 0.26%, to Rs 403.10 per kg in 282 lots.

Analysts attributed persistent fall in copper futures to weak global trend after gauges for Chinese industrial activity indicated sluggish growth, lowering prospects for demand from the world's biggest consumer.

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

Meanwhile, copper for delivery in three months dropped as much as 0.2% to $6,633.50 per tonne on the London Metal Exchange, while in Shanghai the metal for delivery in June fell 0.2% to 46,680 yuan ($7,520) a tonne.