Copper sheds 0.23% on global cues, weak demand

Speculators pare positions as metal loses 0.2% in London and New York

Copper prices fell by 0.23 per cent to Rs 363 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 April shed 85 paise, or 0.23 per cent, to Rs 363 per kg in a business turnover of 83 lots.

February copper traded lower by 70 paise, or 0.19 per cent, to Rs 358.75 per kg in 2,459 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 0.20 per cent to $5,738.50 a metric tonne at the LME. In New York, futures for May delivery slid 0.20 per cent to $2.61 per pound.

Markets in China, the world's biggest user of the metal, will remain shut till February 24 on account of 'Lunar New Year' holidays.