Copper down on global cues

Weak trend in overseas market also influenced prices

Copper prices declined by 0.22% to Rs 424 per kg in futures trade today as speculators offloaded their positions, tracking a weak trend overseas.

At Multi Commodity Exchange, copper for delivery in August declined by 95 paise, or 0.22%, to Rs 424 per kg, with a business turnover of 27,738 lots.

The November contracttraded lower by 90 paise, or 0.21%, to Rs 428.50 per kg, with a business turnover of 1,379 lots.

Market analysts attributed the fall in copper prices to a weak trend overseas on global demand concerns.

Meanwhile, copper for three-month delivery slipped 0.1% to USD 7,525 a tonne on the London Metal Exchange.