Copper sheds 0.46% on global cues, subdued demand

Base metals weaken abroad as investors await a decision from the European Central Bank on economic stimulus

Copper prices fell by 0.46 per cent to Rs 355.45 per kg in futures trade today largely in tandem with a weakening trend overseas and and subdued domestic demand.

At the Multi Commodity Exchange, copper for delivery in February eased by Rs 1.65, or 0.46 per cent, to Rs 355.45 per kg in a business turnover of 675 lots.

The metal for delivery in far-month April fell by a similar margin to trade at Rs 359.30 per kg in a volume of 25 lots.

Analysts attributed the fall in copper futures to a weak global trend as investors await a decision from the European Central Bank on economic stimulus and before a gauge of manufacturing strength in China.

Globally, copper for delivery in three months dropped as much as 0.7 per cent to $5,733 per tonne on the London Metal Exchange.