Copper falls by 1.5% on global cues

Low demand in the domestic market also affected prices

Tracking a weak trend overseas and sluggish demand in the domestic spot markets, copper prices fell 1.5% to Rs 311.55 per kg in futures trade today as speculators cut down their positions.

At the Multi Commodity Exchange, copper for delivery in February declined by Rs 4.75, or 1.50%, to Rs 311.55 per kg in a business turnover of 1,481 lots.

On similar lines, the metal for delivery in far-month April shed Rs 4.70, or 1.47%, to Rs 316.10 per kg in 44 lots.

Marketmen attributed the fall in copper prices at futures trade to a weak trend in base metals overseas after two key gauges of manufacturing in China showed factory activity in the world's biggest metals consumer contracted again, underscoring weak demand.

Meanwhile, copper for delivery in three months retreated 1% to $4,657 per tonne on the London Metal Exchange, In Shanghai the metal also dropped by 1%.