Copper futures weaken on global cues

Copper prices declined by Rs 1.60 to Rs 420.10 per kg in futures trading today, as speculators indulged in reducing their positions on the back of weakening global trend.

At the Multi Commodity Exchange platform, copper for April-month declined by Rs 1.60, or 0.38 per cent to Rs 420.10 per kg, with a business turnover of three lots.

Similarly, the metal for delivery in February delivery weakened by Rs 1.30, or 0.31 per cent to Rs 418.20 per kg, with a business volume of seven lots.

Analysts said speculators reduced their position following fall in demand in the spot market amid weakening trend at the London Metal Exchange.

Meanwhile, copper for three-month delivery fell 0.4 per cent to $9,130 a metric tonne on the London Metal Exchange.