Copper futures fall 1.46 pc as speculators trim positions

Copper prices declined by 1.46 per cent to Rs 375 per kg in futures trade today as participants trimmed their positions even as the metal rose overseas.

Besides, muted spot demand from consuming industries fuelled the downtrend.

At the Multi Commodity Exchange, copper for delivery in June shed Rs 5.55 or 1.46 per cent to Rs 375 per kg in a business turnover of 4,356 lots.

Similarly, the metal for delivery in far-month August contracts traded lower by Rs 5.55 or 1.44 per cent to Rs 379 per kg in 69 lots.

Analysts attributed the fall in copper futures to cutting down of positions by participants despite overnight gains in the metal in global market.