Copper sheds 0.79% on weak global cues

Traders pare positions as metal loses in Shanghai

Copper prices fell marginally by 0.79 per cent to Rs 395.55 per kg in futures trade today as speculators trimmed positions, amid a weak trend in the global market and subdued spot demand.

At the Multi Commodity Exchange, copper for delivery in June shed Rs 3.25, or 0.79 per cent, to Rs 395.55 per kg in business turnover of 2,089 lots.

August copper traded lower by Rs 3.10, or 0.77 per cent, to Rs 399.40 per kg in 139 lots.

Analysts attributed the fall in copper futures to weak global cues as investors weighed improving economic data out of China and the US against a metals-warehousing probe at a Chinese port.

Globally, copper for delivery in three months was little changed at $6,706 a tonne on the London Metal Exchange, and lost 0.80 per cent to 47,870 yuan ($7,669) for delivery in August on the Shanghai Futures Exchange.