Copper weakens on global cues

Copper futures fell by 0.34% to Rs 415.75 per kg today after traders reduced positions, taking weak cues from global markets.

At the Multi Commodity Exchange, copper for delivery in April lost Rs 1.35, or 0.32%, to Rs 423.50 per kg, with a trading volume of 357 lots.

The February contract shed Rs 1.30, or 0.31%, to Rs 417.60 per kg, with a trading volume of 2,931 lots.

The fall in copper futures prices was mostly due to a weakening trend at the London Metal Exchange (LME) after Moody's cut the debt ratings of six European countries, damping the region's growth and demand outlook, analysts said.

 

Meanwhile, copper prices for three-month delivery fell 0.3% to $8,401.25 per tonne in early trade today on the London Metal Exchange, while May copper shed 0.9% to 60,200 yuan ($9,555) per tonne on the Shanghai Futures Exchange.