Copper down 0.4% on global cues

Analysts attributed the decline in copper prices at futures trade to a weak trend at the LME

Copper futures prices today fell by 0.41% to Rs 458 per kg, as speculators engaged in trimming positions in line with a weak trend in the global markets amid subdued domestic demand.

 At the Multi Commodity Exchange, copper for delivery in February declined by Rs 1.90, or 0.41%, to Rs 458 per kg in business turnover of 1,417 lots.

Similarly, the metal for delivery in the far-month April fell by Rs 3.90, or 0.41%, to Rs 463.10 per kg in 57 lots.

Analysts attributed the decline in copper prices at futures trade to a weak trend at the London Metal Exchange (LME) after record output in China spurred oversupply concerns amid speculation on the timing of stimulus cuts by the US Federal Reserve.

Globally, copper for delivery in three-months traded 0.40% lower at $7,195 per tonne on the LME, while at Shanghai Futures Exchange, metal for delivery in February fell 0.4% to 51,340 yuan ($8,454) per tonne.