Copper down 0.5% on weak global cues

Oversupply and a weakening economy in China kept downward pressure on prices

Copper futures prices today fell 0.50% to Rs 398.20 per kg, as speculators engaged in trimming positions amid a weak trend in the global markets.

At the Multi Commodity Exchange, copper for delivery in April declined by Rs 2, or 0.50%, to Rs 398.20 per kg in business turnover of 921 lots.

The metal for delivery in June fell by a similar margin to Rs 401.90 per kg in a business volume of 27 lots.

Analysts said weakening trend in the global markets after the US Federal Reserve signalled it would raise interest rates, hurting the demand outlook for the metal, weighed on copper futures prices here.

Besides, oversupply and a weakening economy in China also kept downward pressure on prices, they said

Globally, copper for delivery in three-months traded a shade lower at $6,430.50 per tonne at the London Metal Exchange while in Shanghai the metal for delivery in June retreated 0.3% to 45,070 yuan ($7,240) per tonne.