Copper sheds 0.2% on global cues

Copper prices fell 0.22% to Rs 438.10 per kg in futures trade today after participants reduced positions amid a weak trend in the overseas markets.

In addition, sluggish demand at domestic spot markets also put pressure on the futures trade.

At the Multi Commodity Exchange, April copper fell by 95, or 0.22% to Rs 438.10 per kg in a turnover of 5,054 lots.

The June contract shed 90, or 0.20% to Rs 442.35 per kg in a turnover of 341 lots.

Analysts said positions offloaded by speculators driven by a weakening trend at the London Metal Exchange (LME) amid an increase in global stockpiles.

Copper inventories tracked by the LME rose for the the second day to 257,550 tonnes.

Meanwhile, copper for three-month delivery lost 0.5% to $8,601 a metric tonne at the LME in early trade today.