Copper sheds 0.3% on weak global cues

Copper futures prices fell by Rs 1.30 to Rs 437.85 per kg today, as speculators reduced their positions on the back of weakening global trend.

The trading sentiment turned bearish after copper declined in global markets, as European finance ministers held back a rescue package for Greece, fuelling concerns that Europe's sovereign-debt crisis may curb global economic growth.

At the Multi Commodity Exchange, copper for delivery in April declined by Rs 1.30, or 0.30%, to Rs 437.85 per kg in business turnover of 1,418 lots.

The February contract traded lower by Rs 1.15, or 0.26%, to Rs 433 per kg in 12,350 lots.

 

Analysts said speculators reduced their positions on the back of weakening global trend mainly led to the fall in copper futures prices.

Meanwhile, copper for delivery in three months dropped by 1.1% to $8,665 a tonne on the London Metal Exchange.