Copper down 0.8% on weak global cues

Metal for delivery in far-month April fell by 0.7%

Copper futures fell 0.88% to Rs 446.15 per kg today as speculators trimmed their positions amid a weak trend in global markets.

Besides, rising stockpiles of the metal, monitored by the Shanghai Futures Exchange, also put pressure on prices.

At the Multi Commodity Exchange, copper for delivery in February declined by Rs 3.95, or 0.88%, to Rs 446.15 per kg in a business turnover of 934 lots.

The metal for delivery in far-month April fell by Rs 3.25, or 0.72%, to Rs 447.10 per kg in a business volume of 134 lots.

Analysts said a weak trend in base metals overseas on concern that demand in China will slow as inventories in Shanghai expanded and some banks tightened lending to the property sector, put pressure on copper prices at futures trade.

Globally, copper for delivery in three-months traded 1.40% lower at USD 7,055.50 per tonne at the London Metal Exchange.

Meanwhile, stockpiles of copper monitored by the Shanghai Futures Exchange reached a nine-month high by rising 13,770 tonnes, or 7.6%, to 194,111 tonnes last week, says data from the bourse.

The stockpiles increased 54% this year after declining 39% in 2013.