Muted demand drag down copper futures by 0.34%

Copper prices drifted lower by 0.34 per cent to Rs 318.10 per kg in futures trading today as speculators cut down their positions, tracking a weak trend at spot market on sluggish demand.

At the Multi Commodity Exchange, copper for delivery in February next year moved down by Rs 1.10, or 0.34 per cent, to Rs 318.10 per kg in business turnover of 198 lots.

On similar lines, the metal for delivery in November contracts traded lower by 90 paise, or 0.29 per cent, to Rs 311.15 per kg in 10,935 lots.

Analysts said offloading of positions by traders on the back of subdued demand from consuming industries in the spot market, mainly influenced copper prices at futures trade.