Copper futures down marginally on global cues

Copper futures prices fell by 0.28% to Rs 394 per kg today, in tandem with a weak trend on the London Metal Exchange (LME).

Subdued demand in the domestic spot market also put pressure on copper prices in futures trade here.

At the Multi Commodity Exchange, copper for delivery in February fell by Rs 1.10, or 0.28%, to Rs 394 per kg, with a trade volume of 3,329 lots.

In a similar fashion, the metal for delivery in November lost Re 1, or 0.26%, to Rs 385.50 per kg, with an open interest for 7,640 lots.

Meanwhile, prices of copper for three-month delivery fell by 1.3% to $7,395 per tonne on the LME.

Analysts said in addition to subdued domestic demand, a weak trend on the LME as Moody's Investors Service's comments on a possible ratings downgrade of bank debt in European countries prompted concern that the region's debt crisis may not be contained.