Copper sheds 0.25% on weak global cues

Rising stockpiles of the metal also put pressure on prices

Copper futures fell 0.25 per cent to Rs 432 per kg today as speculators trimmed their positions amid a weak trend in global markets.

Besides, rising stockpiles of the metal, monitored by the London Metal Exchange (LME) in Asia, also put pressure on prices.

At the Multi Commodity Exchange, copper for delivery in November declined by Rs 1.10, or 0.25 per cent, to Rs 432 per kg in a business turnover of five lots.

August copper fell by Re 1, or 0.22 per cent, to Rs 426.70 per kg in a business volume of 409 lots.

Analysts said a weak trend in copper overseas where it retreated from a 16-week high as some investors judged the recent rally was overdone, mainly weighed on metal prices at futures trade here.

Globally, copper for delivery in three-months traded 0.40 per cent lower at USD 6,995 per tonne at the LME.

Meanwhile, stockpiles of copper monitored by the LME in Asia rose 5.2 per cent yesterday, the most since September last year, to 13,175 tonnes, with reserves in South Korea up 23 per cent, bourse data showed.