Copper futures fall 0.17% on weak global cues

Copper prices were down 0.17 per cent to Rs 447.05 per kg Wednesday as speculators cut down their holdings amid a weak trend overseas.

At the Multi Commodity Exchange, copper for delivery in April was trading lower by 75 paise, or 0.17 per cent, to Rs 447.05 per kg in a business turnover of 1,632 lots.

Analysts said a weak trend in most industrial metals on the London Metal Exchange (LME), as investors stayed on the sidelines ahead of the outcome of the US Federal Reserve rate meeting later in the day, kept pressure on copper prices at futures trade here.

Globally, three-month copper fell 0.2 per cent to USD 6,446 per tonne at the LME, while at the Shanghai Futures Exchange it eased 0.1 per cent to 49,200 yuan (USD 738.63) per tonne Wednesday.