Copper softens in futures trade on profit-taking, global cues

Copper futures today fell by Rs 1.35, or 0.39 per cent, to Rs 340.95 per kg due to profit taking by speculators amid weak global cues.

Subdued demand for the metal at the physical markets also kept pressure on the copper futures.

At the Multi Commodity Exchange counter, copper for delivery in August contract fell by Rs 1.35, or 0.39 per cent to Rs 340.95 per kg, with a turnover of 2,152 lots. It ended 0.03 per cent higher at Rs 342.30 per kg in the previous session.

Similarly, the metal for delivery in November contract also moved down by Rs 1.25, or 0.36 per cent, at Rs 343.65 per kg, with a turnover of 234 lots.

Market analysts said besides profit-booking by speculators and subdued demand for the metal at the physical market, weakness in base metals at the London Metal Exchange, also cast its shadow on the metal at futures market here.