Copper futures extend losses on global cues, sluggish demand

Copper prices fell by 0.34% to Rs 414.35 per kg in futures trading today, extending yesterday's losses, as speculators off-loaded their positions after metal softened in London on concerns of slow down in global economic growth.

At the Multi Commodity Exchange, copper for delivery in June declined by Rs 1.40, or 0.34% to Rs 414.35 per kg, with a business turnover of 69 lots. It had closed 0.47% down at Rs 415.75 per kg in the previous session.

Similarly, the August contract lost Rs 1.40, or 0.33% to Rs 419.50 per kg, with an open interest of 69 lots.  

Market analysts said besides a weakening global trend, on concerns that global economic growth may slow down, dampened the demand for the metal.  

Meanwhile, copper for three-month delivery fell by 0.6% to $9,140.25 a metric tonne on the London Metal Exchange.