Copper futures down 0.67% on overseas cues

Copper futures prices fell by Rs 2.15, or 0.67 per cent to Rs 317.15 per kg today, as traders offloaded their positions, after taking cues from global markets.

At the Multi Commodity Exchange, copper for delivery in June contract fell Rs 2.15, or 0.67 per cent to Rs 317.15 per kg, with a turnover of 6,074 lots. It ended 0.50 per cent down at Rs 319.30 per kg.

The metal for delivery in August contract also fell by a similar margin to Rs 319.60 per kg, with a turnover of 642 lots.

Analysts attributed the fall in copper futures to a weakening trend in global markets, where entire base metals pack extended losses, weighed down by warnings from the European Central Bank and China about economic recovery.

Meanwhile, copper at Shanghai fell by 650 yuan, or 1.18 per cent, to trade at 54,430 yuan, while it fell $149 or 2.15 per cent, at $6,790 per tonne at the London Metal Exchange.