Copper softens on global cues

Copper prices fell by Rs 3.65 to Rs 412 per kg in futures trade today as speculators reduced their positions, tracking a weakening global trend.

At the Multi Commodity Exchange, November copper fell by Rs 3.65, or 0.88%, to Rs 412 per kg, with a business turnover of 2,458 lots. It ended 0.09% lower at Rs 415.65 in the previous session.

The February contract traded lower by Rs 3.70, or 0.86%, to Rs 416.20 per kg, with an open interest of 188 lots.

Market analysts said a weakening trend in global markets on escalating concern over Europe's sovereign debt crisis, reducing prospects of growing demand for industrial metals, mainly put pressure on the copper futures prices here.

Meanwhile, copper for three-months delivery fell by 0.7% to $8,762.25 a tonne, the lowest level in since August 23 on the London Metal Exchange.