Copper down 0.4% on profit-booking, global cues

Concerns that Chinese demand is slowing influences prices

Copper futures prices today declined by 0.42% to Rs 423.25 per kg after speculators booked profits amid weak cues from global markets.

At the Multi Commodity Exchange, copper for delivery in August lost Rs 1.80, or 0.42%, to Rs 423.25 per kg, with a trading volume of 27,115 lots.

November copper fell by Rs 1.45, or 0.34%, to trade at Rs 427.70 per kg, with a trading volume of 10,920 lots.

Marketmen said the fall in copper futures prices was due to a weakening trend at the London Metal Exchange (LME) on concerns that Chinese demand is slowing.

Meanwhile, three-month copper dropped as much as 0.6% to $7,561.50 a tonne at the LME.