Copper futures melt on global cues

Copper futures prices fell by 1.62 per cent to Rs 420.85 per kg today, as speculators indulged in off-loading their positions, taking weak cues from the global market.

At the Multi Commodity Exchange, copper for delivery in June declined by Rs 6.95, or 1.62 per cent, to Rs 420.85 per kg, with a business volume of 1,091 lots.

Similarly, the metal for delivery in April lost Rs 7.60, or 1.79 per cent, to Rs 416 per kg, with a trade volume of 13,650 lots.

Market analysts said offloading by speculators, triggered by a weak global trend, as the unfolding disaster in Japan continued to rattle markets, kept pressure on the copper prices at futures trade here.