Copper futures succumb to profit booking, down 0.3%

Copper futures prices fell by Re 1.00, or 0.31 per cent to Rs 324.60 per kg today, as traders booked profits after yesterday's rise amid weak trend at the London Metal Exchange.

At the Multi Commodity Exchange counter, copper for delivery in June contract fell by Re 1, or 0.31 per cent, to Rs 324.60 per kg, with an open interest in 22,531 lots. It ended 1.3 per cent higher at Rs 325.60 per kg.

The metal for delivery in August contract also shed Rs 0.85, or 0.26 per cent, to Rs 326.70 per kg, with an open interest of 3,319 lots.

Analysts attributed the fall in copper futures to profit taking by speculators and weakening trend at the London Metal Exchange.

Meanwhile, copper at the LME traded at $21, or 0.30 per cent down at $6,963 per tonne, but at Shanghai it rose by 450 yuan, or 0.81 per cent to 5,5770 yuan per tonne.