Copper futures decline 0.52% on global cues, low demand

Tracking a weak trend overseas and muted demand in the domestic spot markets, copper prices fell 0.52 per cent to Rs 334.30 per kg in futures trade today as speculators cut down their positions.
At the Multi Commodity Exchange, copper for delivery in April eased by Rs 1.75, or 0.52 per cent, to Rs 334.30 per kg, in a business turnover of 1,510 lots.
On similar lines, the metal for delivery in far-month June was trading down by Rs 1.65, or 0.48 per cent, to Rs 338.70 per kg in 10 lots.
Marketmen attributed the fall in copper prices at futures trade to a mixed trend in base metals overseas ahead of the Federal Reserve's policy update later today as investors await signals on the pace of US rate hikes and the direction of the dollar and comments on the health of the global economy.

Globally, copper for delivery in three months retreated 0.6 per cent to USD 4,920 per tonne on the London Metal Exchange after Morgan Stanley cut its price estimate by 3 per cent, citing uncertainties around the global economy.