Copper futures decline 0.74% on weak global cues

Tracking a weakening global trend, copper prices fell by 0.74% to Rs 411.10 per kg in futures trade as speculators offloaded their positions.

At the Multi Commodity Exchange, copper for delivery in April declined by Rs 3.05, or 0.74%, to Rs 411.10 per kg, with a business turnover of 2,615 lots.

Similarly, the metal for delivery in February shed Rs 2.70, or 0.66%, to Rs 407.20 per kg, with a trade volume of 31,382 lots.

Market analysts said offloading of positions by speculators due to sluggish demand in the spot market mainly decline in copper prices at futures trade.

They said weak trend in global markets as copper fell in London, after China's manufacturing contracted for the first time since 2009, damping the demand outlook for the world’s largest user of the metal.

Meanwhile, copper fell by 0.6% to $7,835 a tonne on the London Metal Exchange.