Copper futures trade lower on global cues

Copper traded lower by Rs 3.90 to Rs 360.80 per kg in futures market today, as speculators reduced their positions on the back of a weakening global trend.

Sluggish demand by consuming industries also influenced the trading sentiment.

At the Multi Commodity Exchange platform, copper for February-month fell by Rs 3.90, or 0.62 per cent, to Rs 360.80 per kg, with a business turnover of 11 lots.

Similarly, the metal for delivery in November-month weakened by Rs 0.40, or 0.56 per cent, to Rs 362.65 per kg, with a business turnover of 18 lots.

Analysts said speculators reduced their positions in tandem with a weakening global trend, which led to a decline in copper prices at futures trade. 

 

Meanwhile, copper for three-month delivery on the London Metal Exchange fell 0.5 per cent to $7,902 a metric tonne.