Copper down 1.6% on weak global cues

Metal for delivery in February declined by 1.4%

Copper prices fell by 1.66% to Rs 451.20 per kg in futures trade today as speculators offloaded their positions, tracking a weak global trend.

Further, sluggish demand from consuming industries in the spot market influenced the sentiment.

At the Multi Commodity Exchange, copper for delivery in November fell by Rs 7.60, or 1.66% to Rs 451.20 per kg in business turnover of 16,706 lots.

In a similar fashion, the metal for delivery in February declined by Rs 6.75, or 1.44% to Rs 463.05 per kg in 1396 lots.

Market analysts said offloaded of positions by speculators in line with a weak global trend on monthly record in China, the largest user, mainly pulled down copper prices at futures.
 
Meanwhile, copper for delivery in three months fell by 1% to 7,051 dollar a metric tonne, the lowest level since September 17 on the London Metal Exchange.