Copper futures down on profit-booking, global cues

Copper prices fell by 0.27% to Rs 409.60 per kg in futures trade today as speculators booked profits after yesterday's gains amid a weakening trend on the London Metal Exchange. 

Also, subdued demand for the metal in domestic markets put pressure on copper futures here. 

At the Multi Commodity Exchange, copper for delivery in June fell by Rs 1.10, or 0.27%, to Rs 409.60 per kg, with a business turnover of 4,046 lots. It had ended 2.40% higher at Rs 410.70 per kg in the previous session.

Similarly, the metal for delivery in August eased by Rs 1.10, or 0.26%, to Rs 414.70 per kg, with a business volume of 384 lots.

 

Market analysts said besides profit-booking by speculators, a weakening trend on the London Metal Exchange (LME) on the back of the strengthening dollar put pressure on copper prices in futures trade here.

Meanwhile, copper for three-month delivery at the LME fell by 0.4% to $9,132 a tonne in early trade today.