Copper futures ease on weak global cues

Copper futures traded 0.35 per cent lower at Rs 453.50 per kg today as speculators reduced their exposure at prevailing levels.

In futures trading at Multi Commodity Exchange, copper for delivery in far-month June fell Rs 1.60, or 0.35 per cent, at Rs 453.50 per kg in a business turnover of 7 lots.

Similarly, the metal for delivery in April was down Rs 1.40, or 0.31 per cent, at Rs 449.55 per kg in 505 lots.

Analysts attributed the fall in copper futures to scaling down of positions by speculators, tracking a weak trend overseas as the dollar strengthened ahead of next week's Federal Open Market Committee meeting, at which the US central bank is expected to raise interest rates for the first time this year.

A stronger greenback makes metals more expensive for holders of other currencies and can weigh on prices, they said.

Globally, at the London Metal Exchange (LME) copper for delivery in three months was down 0.1 per cent at USD 6,914 a tonne.