Copper futures fall on weak global cues
Tracking a weak trend in global markets, copper prices declined by Rs 1.25 to Rs 407 per kg in futures trade today as speculators offloaded their positions.
Trading sentiment turned bearish after copper slumped to a two-week low in global markets as the Federal Reserve refrained from taking new measures to spur growth and amid concern that Europe's debt crisis will erode demand for industrial metals.
At the Multi Commodity Exchange, copper for delivery in February declined by Rs 1.25, or 0.31%, to Rs 407 per kg, with a business turnover of 16,003 lots.
Similarly, the metal for delivery in April shed Rs 1.15, or 0.28%, to Rs 411 per kg, with a trade volume of 775 lots.
Market analysts attributed to fall in copper futures to the weakening global trend.
Meanwhile, copper for the three-month contract fell by 1.4% to $7,492.50 a tonne, the lowest price since November 30, on the London Metal Exchange.