Copper futures shed 0.39% on muted demand

Copper futures fell 0.39 per cent to Rs 489.35 Per kg today as speculators booked profits at prevailing high levels amid low demand at spot markets.

Besides, weak trend in select base metals at the London Metal Exchange (LME) on renewed fears of a trade war amid a lack of consensus at the G7 summit in Canada, too, put pressure on copper prices here.

At the Multi Commodity Exchange, copper for delivery in June declined by Rs 1.90, or 0.39 per cent to Rs 489.35 per kg in a business turnover of 462 lots.

The metal for delivery August shed Rs 1.65 or 0.33 per cent to Rs 495.80 per kg in a business volume of 30 lots.

Globally, three-month copper at the LME dipped 0.3 per cent to USD 7,287 per tonne, extending drop from Friday after hitting a 4-1/2-year high on Thursday on supply fears from Chile.

Analysts said apart from weak cues from LME, off-loading of positions by speculators at prevailing higher levels and muted spot demand, kept pressure on copper prices in futures trade here.