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Copper prices fell by 0.28% to Rs 408.10 per kg in futures trade today as speculators reduced their positions amid weak overseas cues and subdued domestic demand.
At the Multi Commodity Exchange, copper for delivery in November fell by Rs 1.15, or 0.28%, to Rs 408.10 per kg in a business turnover of 715 lots.
Similarly, the metal for delivery in February next year traded lower by Re 1, or 0.24%, to Rs 414.40 per kg in nine lots.
Analysts attributed the fall in copper futures to subdued domestic demand and weak trend at the London Metal Exchange (LME) where the metal traded at nearly six-month low after stockpiles in exchanges from London to Shanghai increased and as Goldman Sachs Group Inc forecast inventories will rise further over the next six months.
Globally, copper for delivery in three months slid 0.6% to $6,599 a tonne at the LME.
