Copper falls by 0.3% on global cues

Copper prices declined by 0.30% to Rs 300.35 per kg in futures trade today as participants trimmed their bets, tracking a weak trend in base metals overseas.

Besides, muted spot demand from consuming industries fuelled the downtrend.

At the Multi Commodity Exchange, copper for delivery in February contract was trading 90 paise, or 0.30% down at Rs 300.35 per kg in a business turnover of 2,392 lots.

Similarly, the metal for delivery in far-month April contracts shed 70 paise, or 0.23% to Rs 305.50 per kg in 58 lots.

Analysts attributed the fall in copper futures to weak trend in global markets, where it failed to sustain a rally that saw the metal record the biggest weekly increase since October on speculation that central banks will do more to counter market turmoil around the world.

Globally, copper for delivery in three months lost 0.6% to $4,418 a metric tonne on the London Metal Exchange.