Copper futures melt on Asian cues

Copper futures prices fell by 0.44 per cent to Rs 438.60 per kg today taking weak cues from Asian trading after China, the world’s largest metals user, further tightened lending to tame surging inflation.  

At the Multi Commodity Exchange, copper for delivery in June declined by Rs 1.95, or 0.44 per cent, to Rs 438.60 per kg, with a business volume of six lots. 

Similarly, the metal for delivery in April lost Rs 1.85, or 0.42 per cent, to Rs 441.90 per kg, with a trade volume of two lots. 

Market analysts said offloading by speculators, triggered by a weak trend in Asian trade on demand concerns following China asking banks to set aside more cash for a third time this year to help tame surging inflation.  

Meanwhile, copper for delivery in June on the Shanghai Futures Exchange, lost as much as 0.7 per cent to 71,310 yuan ($10,863) per metric tonne today.

However, the metal gained 0.4 per cent to $9,546 per tonne at the LME.