Copper sheds 0.55% on weak global cues

Tracking a weakening global trend, copper prices declined by Rs 2.30 to Rs 416.55 per kg in futures trade today as speculators offloaded their positions.

The trading sentiment turned bearish after copper declined in global markets on concern that any further worsening of Europe's debt crisis could slow down economic growth in China, the largest consumer, damping demand for metals.

At the Multi Commodity Exchange, copper for delivery in February declined by Rs 2.30, or 0.55% to Rs 416.55 per kg in business turnover of 30,420 lots.

The April contract shed Rs 2.25, or 0.53% to Rs 421.55 per kg in 2,488 lots.

 

Market analysts said speculators offloaded their positions in tandem with a weakening global trend mainly pulled down copper futures prices. They added that sluggish domestic demand further fuelled the downtrend in the metal.

Meanwhile, copper for three-month delivery dropped 0.8% to $8,430 a tonne on the London Metal Exchange.