Copper falls 0.3% on weak Asian cues

Speculation that Chinese leaders' tolerance for slower growth rate will curb demand growth at the largest metal user affected the trade here

Tracking a weak Asian trend, copper prices fell by 0.28% to Rs 406.70 per kg in futures trade today as speculators offloaded their positions.

At the Multi Commodity Exchange (MCX), the June contract fell Rs 1.15, or 0.28%, to Rs 406.70 per kg in 1,845 lots.

The August contract fell by a similar margin to Rs 412 per kg in 166 lots.

Analysts attributed the fall in copper futures to weak Asian cues on speculation that Chinese leaders' tolerance for a slower growth rate will curb demand growth at the largest user.

Meanwhile, copper for delivery in September fell as much as 1.3% to 52,230 yuan ($8,523) a metric tonne on the Shanghai Futures Exchange (SFEX), while the London Metal Exchange (LME) is closed for a public holiday.