Copper futures down on weak global cues

Copper futures prices fell by 0.9% to Rs 409 per kg today, in tandem with a weak trend on the London Metal Exchange (LME).

In addition, subdued demand in the domestic spot market also put pressure on copper futures prices here.

At the Multi Commodity Exchange, February copper fell by Rs 3.70, or 0.90%, to Rs 409 per kg, with a trade volume of 17,404 lots.

The April delivery lost Rs 3.60, or 0.86%, to Rs 416.55.50 per kg, clocking a business turnover of 929 lots.

Copper fell on speculation that a slowdown in China's industrial output will increase stockpiles in the country which is the biggest consumer of the metal, amid concerns that Europe's debt crisis will persist even after leaders agreed to a fiscal accord, analysts said.

Meanwhile, prices of copper for three-month delivery fell by 1.4% to $7,703 per tonne on the LME.