Copper futures fall over 1% on global cues, weak demand

Taking weak cues from global market and low demand at the domestic spot market, copper moved down 1.03 per cent to Rs 321.75 per kg in futures trade today as speculators reduced positions.
Copper for delivery in April was trading Rs 3.35, or 1.03 per cent down, at Rs 321.75 per kg, in a business volume of 1,575 lots at the Multi Commodity Exchange.
Likewise, the metal for delivery in far-month June traded lower at Rs 3.15, or 0.96 per cent, to Rs 326.20 per kg in 20 lots.
Analysts said the fall was largely in tune with a weak trend in metal at the London Metal Exchange (LME) after a key gauge of factory activity in China showed deteriorated conditions for a record seventh month, underscoring concerns about the outlook for demand in the world's biggest consumer.

The manufacturing purchasing managers index dipped in February to 49, the lowest since November 2011, and has been below the 50 level that indicates contraction every month since August.
Besides, low demand from domestic industries too had a negative impact, they said.
Meanwhile, copper for delivery in three months retreated 1.3 per cent to USD 4,645 per tonne at the LME.