Copper weaken on global cues, subdued demand

MCX copper down nearly 0,4%

Copper futures prices today fell by 0.37% to Rs 417.95 per kg after traders reduced positions, taking weak cues from global markets.

The sluggish domestic demand also put pressure on the metal prices.

At the MCX, copper for delivery in August lost Rs 1.55, or 0.37%, to Rs 417.95 per kg, with a trading volume of 2,696 lots.

The metal for delivery in June also fell by Rs 1.50, or 0.36%, to trade at Rs 413.10 per kg, with a trading volume of 21,052.

Analysts said the fall in copper futures prices was mostly due to a weakening trend in overseas markets on concerns due to slowing growth and subdued demand at domestic spot markets.

Meanwhile, copper for three-month delivery dropped 0.9% to $7,277.75 a tonne on the London Metal Exchange.