Copper down 0.8% on weak global cues

Copper prices moved down by Rs 3.45 to Rs 416.40 per kg in futures trade today as speculators reduced their positions, tracking a weak trend in global markets.

Trading sentiment turned bearish after copper slumped in global markets as concerns over Europe's sovereign-debt crisis outweighed labour disputes that could reduce global supply.

Meanwhile, copper for three-month delivery declined by one% to $8,679 a tonne on the London Metal Exchange.

At the Multi Commodity Exchange, copper for delivery in November moved down by Rs 3.45, or 0.82%, to Rs 416.40 per kg, with a business turnover of 22,671 lots.

Similarly, the metal for delivery in February shed Rs 3.40, or 0.80%, to Rs 420.55 per kg, with an open interest of 1,016 lots.

Market analysts said apart from a weakening trend in global markets, sluggish spot demand mainly led to the fall in copper prices in the futures trade here.