Copper futures soften on profit booking

Copper futures prices fell by 0.30 per cent to Rs 418.75 per kg today, as speculators booked profits after metal slipped from record levels at the London Metal Exchange.

At the Multi Commodity Exchange counter, copper for delivery in February traded Rs 1.25, or 0.30 per cent down at Rs 418.75 per kg, with a trading volume of 2,312 lots.

Yesterday, it ended 1.95 per cent higher at Rs 420 per kg, after hitting a contract high of Rs 420.40.

The metal for delivery in April also weakened by Rs 1.30, or 0.29 per cent to Rs 420.80 per kg, with a business turnover of 128 lots.

Meanwhile, copper contract for three-month delivery was trading 0.49 per cent lower at $9,194.75 a tonne in the early trade today after surging to a record high of $9,248 in the previous session.     

Analysts said besides profit booking by speculators after the metal soared to record levels, a weak trend at the London Metal Exchange, mainly weighed down copper futures prices here.