Copper loses 0.75% on global cues, profit-booking

Copper futures prices fell by 0.76% to Rs 410.75 per kg today due to weak trend in the overseas market in tandem with profit-booking by speculators after recent gains.

At the Multi Commodity Exchange, copper for delivery in February lost Rs 3.15, or 0.76%, to Rs 410.75 per kg, with a trading volume of 7,962 lots.

April copper shed Rs 3.10, or 0.74%, to Rs 414.55 per kg, with a trading volume of 586 lots.

Analysts said apart from profit-booking by speculators, a weakening trend at the London Metal Exchange (LME) on worries that the European sovereign-debt crisis may slow global economic growth and damp demand for the industrial metals.

Meanwhile, prices of copper for delivery in March fell 1.8% to $7,650.75 per tonne at the LME in early trade today.