Copper futures down on profit-booking, weak overseas cues

Copper prices fell by Rs 0.45, or 0.17 per cent, to Rs 309.30 per kg in futures trade today, as speculators locked-in profits, driven by a weak global trend.

Fall in demand for the metal at the physical market too weighed on the copper futures prices.

At the Multi Commodity Exchange counter, the metal for delivery in August contract eased by Rs 0.45, or 0.15 per cent, to Rs 309.30 per kg, with a turnover of 17 lots. It ended 1.10 per cent higher at Rs 309.75 per kg in the previous session.

Similarly, the copper for delivery in November contract fell by Rs 0.45, or 0.14 per cent, to Rs 312.30 per kg, with a turnover of 2 lots.

Analysts said fresh selling by traders with a view to book profits and weak trend at the London Metal Exchange in early trade today, put some pressure on the copper prices at futures market here.

Meanwhile, copper for three-month delivery fell 0.15 per cent to $6,535 a metric tonne at the London Metal Exchange, while at Shanghai it shed 0.06 per cent to 52,390 yuan per tonne in early trade today.