Copper futures down on profit-booking, weak global cues

Copper prices fell by Rs 2.15, or 0.67 per cent to Rs 320.40 per kg in futures trade today, as speculators locked-in profits on a weak overseas trend influenced by concerns over global economic recovery.

Subdued market demand for the metal also kept pressure on the copper futures prices.

Copper for delivery in August month contract fell by Rs 2.15, or 0.67 per cent to Rs 320.40 per kg in a turnover of 26 lots. It ended 2.6 per cent higher at Rs 322.55 per kg after hitting an intra-session high of Rs 323.60 per kg in the previous session.

Similarly, the metal for delivery in far-month November month contract gained Rs 1.90, or 0.65 per cent at Rs 323.20 per kg with a turnover of five lots.

At the London Metal Exchange, copper three-month futures contract was down by 1.6 per cent to $6,752 a metric tonne in early trade today. The price of the metal jumped 3.3 per cent, a record maximum in the last two months.

Analysts attributed the fall in copper futures to the decline in metal prices in global market on concern that global economic recovery was losing steam.

Weak demand at the domestic physical markets also had a negative impact, they said.