Muted demand drags down copper futures by 0.23%

Copper prices fell by 0.23 per cent to Rs 370 per kg in futures market today as speculators reduced their exposures,tracking a weak trend at spot markets on sluggish demand.

At the Multi Commodity Exchange, copper for delivery in June declined by 85 paise, or 0.23 per cent to Rs 370 per kg in business turnover of 1,900 lots.

On similar lines, the metal for delivery in far-month August traded lower by a similar margin to Rs 373.40 per kg in 49 lots.

Analysts said offloading of positions by participants owing to easing demand from consuming industries in the physical market, mainly influenced copper prices at futures trade.