Copper declines 0.35% on overseas trend

LME copper down nearly 1%

Copper futures prices today fell by 0.32% to Rs 424.70 per kg as traders reduced their positions, taking weak cues from global markets.

At the Multi Commodity Exchange, copper for delivery in August lost Rs 1.50, or 0.36%, to Rs 420.80 per kg, with a trading volume of 3,505 lots.

The metal for delivery in November also fell by Rs 1.50, or 0.35%, to trade at Rs 425.60 per kg, with a trading volume of 261 lots.

Analysts said the fall in copper futures prices was due to a weakening trend in overseas markets on concerns that demand in China, the biggest consumer, may drop and resurfacing concerns over Europe's debt crisis.

Meanwhile, for three-month copper dropped as much as 0.9% to $7,481 a tonne at the London Metal Exchange.