Copper futures decline 0.80 pc on global cues

Copper prices drifted 0.80 per cent to Rs 380.40 per kg in futures trade today as participants offloaded their positions, tracking weakness in metal overseas.

The exchange opened for the evening session as it remained closed in the morning for 'Mahavir Jayanti'.

At the Multi Commodity Exchange, copper for delivery in June month declined by Rs 3.05, or 0.80 per cent, to Rs 380.40 per kg in business turnover of 8 lots.

Similarly, the metal for delivery in April contracts traded lower by Rs 2.95, or 0.78 per cent, to Rs 375.75 per kg in 696 lots.

Market analysts said offloading of positions by participants in tandem with a weak global trend as worse-than-expected US economic data added to concern that demand will slow in the second-biggest user, mainly wieghed on copper prices at futures trade.
 

Meanwhile, copper for delivery in three months fell 1 per cent to USD 5,985.50 a metric tonne on the London Metal Exchange.