Copper futures down 0.61% on sluggish demand

Copper prices fell by 0.61 per cent to Rs 454.50 per kg in futures market today as speculators reduced their bets, driven by a weak trend overseas.
Besides, muted demand at domestic spot market too weighed on prices.
At the Multi Commodity Exchange, copper for delivery in Feburary declined by Rs 2.80, or 0.61 per cent, to Rs 454.50 per kg in a business turnover of 1,746 lots.
On similar lines, the metal for delivery in far-month April contracts was trading lower by Rs 2.55, or 0.55 per cent, to Rs 459.30 per kg in 130 lots.
Marketmen said cutting down of positions by participants on the back of a weak trend overseas where copper drifted lower as a firm dollar dictated direction in a thinly-traded market, with holidays in top metals user China, mainly attributed the slide in copper prices at futures trade.

Globally, copper for delivery in three months shed 0.3 per cent to USD 7,096.50 a tonne, having touched its highest in a month on Friday at USD 7,253 on the London Metal Exchange.