Copper futures fall 1.04% on global cues

Copper prices declined by 1.04% to Rs 303.20 per kg in futures trade today as participants cut down their bets, tracking a weak trend in base metals overseas.

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

At the Multi Commodity Exchange, copper for delivery in far-month April fell by Rs 3.20 or 1.04% to Rs 303.20 per kg in a business turnover of 19 lots.

Similarly, the metal for delivery in February contracts traded lower by Rs 3.10 or 1.03% to Rs 298.30 per kg in 534 lots.

Analysts attributed the fall in copper futures to weak trend in global markets where it slumped to the lowest level in more than six years as metals dropped after muted Chinese inflation data increased concern about slowing growth in the world's biggest consumer.

Globally, copper for delivery in three months lost 1.5% to $4,416 a metric tonne on the London Metal Exchange.

Prices extended a 4.7% decline last week triggered by swings in China's financial markets and fears the country's slowdown will hurt demand.