Copper extends losses on weak LME trend

Copper extended its losses in futures trade today, declining by 0.56% to Rs 417.85 per kg amid a weak trend on the London Metal Exchange and subdued domestic demand.

At the Multi Commodity Exchange, copper for delivery in November declined by Rs 2.35, or 0.56%, to Rs 417.85 per kg, with a business turnover of 2,753 lots. It had lost 0.13% in the previous session.

Similarly, the metal for delivery in far-month February eased by Rs 2.30, or 0.54%, to Rs 422 per kg, with a trade turnover of 174 lots.

Analysts said the decline in copper futures prices was due to a weak trend on the London Metal Exchange on concerns about the high unemployment rate in the US and skyrocketing inflation in China, the world's largest consumer of the metal.

Meanwhile, copper for three-month delivery was down by 0.44% to $9,036 a tonne on the London Metal Exchange.