Copper futures shed 0.56% as global trend weakens

Copper futures fell 0.56 per cent to Rs 311.55 per kg today as speculators trimmed positions amid a weak trend in global markets.
At Multi Commodity Exchange, copper for delivery in February 2016 contract declined by Rs 1.75, or 0.56 per cent, to Rs 311.55 per kg in a business turnover of 371 lots.
The metal for delivery in far-month April fell Rs 1.60, or 0.50 per cent, to Rs 316.20 per kg in a business volume of six lots.
Analysts said a weakening trend in base metals in Asian trade after speculators trimmed positions following data from China showed industrial profits declined again, underscoring a manufacturing slowdown in the biggest metals consumer.

Globally, copper fell 0.6 per cent in Shanghai, while prices in New York lost 0.8 per cent.
Meanwhile, the London Metal Exchange remains closed today for a public holiday.