Copper futures down 1% on profit-booking

Amid profit-booking by speculators, copper prices fell by 1.12% to Rs 369.75 per kg in the futures trade today.

However, a better trend at the London Metal Exchange (LME), capped the losses.

At the Multi Commodity Exchange, November copper fell by Rs 4.20, or 1.12%, to Rs 369.75 per kg, with a business turnover of 4,072 lots. The metal had gained nearly 2.9% in the past two sessions.

The February contract lost Rs 4.10, or 1.08%, to Rs 374.25 per kg, with an open interest of 249 lots.

Analysts said fresh selling, mostly of a profit-booking nature, by traders, mainly led to the fall in copper futures prices but a better trend at the LME on growing optimism for a resolution to the eurozone debt crisis, restricted the losses.