Copper falls on global cues, subdued demand

A firm rupee also kept copper prices down

Tracking a weakening global trend, copper prices fell by Rs 7.55 to Rs 405.10 per kg in futures market today as speculators reduced their positions.

Subdued demand at domestic spot markets also put pressure on the metal prices at futures trade.

At the MCX, copper for delivery in August fell by Rs 7.55, or 1.83% to Rs 405.10 per kg in business turnover of 4,563 lots.

Similarly, the metal for delivery in June declined by Rs 7.35, or 1.80%, to Rs 400.25 per kg in 42,758 lots.

Market analysts attributed the fall in copper futures to a weakening global trend.

Meanwhile, copper fell 2.3% to $3.238 a pound in New York. The London Metal Exchange is closed today.