Copper down on weak global cues

Tracking a weak trend in global markets, copper prices declined by 0.31% to Rs 437 per kg in futures trade today, as speculators offloaded their positions.

At the Multi Commodity Exchange, the April contract declined by Rs 1.35, or 0.31%, to Rs 437 per kg in business turnover of 3,532 lots.

The June contract traded lower by 35 paise, or 0.30%, to Rs 441.40 per kg in 302 lots.

Market analysts said a weakening trend overseas on demand concerns as the Federal Reserve's policy meeting minutes dampened expectations for further monetary stimulus.

Rising stockpiles, monitored by the London Metal Exchange (LME), also had a negative impact, they said.

 

Meanwhile, copper for three-month fell 0.9% to $8,538.50 a tonne in early trade today at the LME.