Copper sheds 0.23% on global cues, weak demand

Traders pare positions as metal sheds 1.5% in London and 0.7% in Shanghai

Copper prices fell 0.23 per cent to Rs 350.90 per kg in futures trade today as speculators reduced positions amid a weak trend overseas and low demand in the spot market.

At the Multi Commodity Exchange, copper for delivery in February shed 80 paise, or 0.23 per cent, to Rs 350.90 per kg in a business turnover of 861 lots.

April copper traded lower by 75 paise, or 0.21 per cent, to Rs 356 per kg in 20 lots.

Analysts said the fall in copper prices at futures trade was largely in tune with a weak trend in base metals at the London Metal Exchange (LME).

Besides, low demand from domestic industries had a negative impact, they said.

Meanwhile, copper for delivery in three months retreated 1.5 per cent to $5,590.50 a metric tonne at the LME, while at Shanghai, metal for delivery in April lost 0.7 per cent to 41,040 yuan ($6,573) a tonne.