Copper futures soften on weak global trend

Copper futures prices fell by 0.32 per cent to Rs 440.85 per kg today, as speculators reduced their positions after metal declined from record in global market, as a strong dollar weighed on the metal.

At the Multi Commodity Exchange counter, copper for delivery in April traded Rs 1.30, or 0.32 per cent down at Rs 440.85 per kg, with a business turnover of six lots.

The metal for delivery in February weakened by Rs 1.30, or 0.30 per cent, to Rs 437.90 per kg, with an open interest of 13 lots.

It hit a contract high of Rs 446.30 per kg in the previous session.

Market analysts said a weak trend at the London Metal Exchange (LME), as recent rally in metal prices deterred buying in China weighed on copper futures prices here.

Besides, rise in inventories, monitored by the Shanghai Futures Exchange climbed to a six-week high of 131,891 tonnes last week, also kept pressure on the copper prices.

Meanwhile, at the LME, three-month copper dropped as much as 1.1 per cent, the most in two weeks to $9,476 a tonne, after reaching a record 9,754 in yesterday's trade.