Copper sheds 0.31% on weak global cues

Traders offload positions as metal loses 0.7% in London and Shanghai

Copper prices fell 0.31 per cent to Rs 340.95 per kg in futures trade today as speculators offloaded their positions, tracking a weak trend in base metals in global market.

In futures trading at the Multi Commodity Exchange, copper for delivery in November contracts was trading lower by Rs 1.10, or 0.31 per cent, to Rs 340.95 per kg in business turnover of 2,410 lots.

The February contract traded lower by Re 1, or 0.29 per cent, to Rs 347.10 per kg in 59 lots.

Analysts attributed the fall in copper futures to a weak trend in metal at the London Metal Exchange (LME) ahead of the US Federal Reserve's interest rate decision.

Meanwhile, copper for delivery in three months was down 0.7 per cent at $5,183 per tonne at the LME, while dropped 0.7 per cent to 39,030 yuan per tonne in Shanghai.