Copper futures fall 0.47% on global cues

Copper prices drifted by 0.47 per cent to Rs 367.50 per kg in futures market in evening session today, as speculators reduced positions, tracking a weak global trend.

The exchange opened for the evening session as it remained closed in the morning for 'Ganesh Chaturthi'.

At the Multi Commodity Exchange, copper for delivery in far-month February eased Rs 1.75, or 0.47 per cent to Rs 367.50 per kg in a business turnover of 2 lots.

Likewise, the metal for delivery in November traded lower by Rs 1.65, or 0.45 per cent to Rs 361.80 per kg in 105 lots.

Market analysts attributed the fall in copper futures to a weak global trend where copper retreated from the highest in almost two months on reports that Chile's largest mines escaped damage from an 8.3 magnitude earthquake.
 

Meanwhile, copper for delivery in three months fell 0.3 per cent to USD 5,361 a metric tonne on the London Metal Exchange.