Copper falls by 1.7% on spot demand

Copper prices fell by 1.71% to Rs 313.75 per kg in futures trading today as participants indulged in reducing positions, tracking a weak trend in base metals overseas.

Besides, subdued demand from consuming industries in the spot market weighed on prices.

At the Multi Commodity Exchange, copper for delivery in February declined by Rs 5.45, or 1.71%, to Rs 313.75 per kg, in a business turnover of 1,798 lots.

On similar lines, the metal for delivery in far-month April traded lower by Rs 5.55, or 1.71%, to Rs 318.15 per kg in 312 lots.

Analysts said offloading of positions by traders on the back of a weak trend as most industrial metals fell along with stock markets and oil, mainly influenced copper prices at futures trade.