Copper futures weaken 0.59% on global cues

Copper prices fell 0.59 per cent to Rs 385.45 per kg in futures trade today as speculators offloaded their positions amid a weak trend overseas and subdued demand at the domestic spot markets.
At the Multi Commodity Exchange, copper for delivery in August shed Rs 2.30, or 0.59 per cent, to Rs 385.45 per kg, in a business turnover of 1,741 lots.
The metal for delivery in far-month November was down by Rs 2, or 0.51 per cent, to Rs 390.10 per kg in 32 lots.
Analysts attributed the fall in copper futures to weak trend at the London Metal Exchange (LME) on rising stocks which have gained 14 per cent since Wednesday to hit 278,275 tonnes and slackened demand from consuming industries at the domestic physical markets.

Globally, copper for delivery in three months closed 0.1 per cent lower at USD 5,930 per tonne at the LME in yesterday's trade.