Copper futures weaken 0.22% on weak global cues, low demand

NEW DELHI: Copper prices fell 0.22 per cent to Rs 456.70 per kg in futures trade today as traders trimmed positions amid a weak trend overseas and sluggish demand in the spot market.

At the Multi Commodity Exchange, copper for delivery in April declined by Re 1, or 0.22 per cent, to Rs 456.70 per kg in a business turnover of 28 lots.

Likewise, the metal for delivery in current month contracts shed 90 paise, or 0.20 per cent, to Rs 451.85 per kg in 1,023 lots.

Marketmen attributed the weakness in copper prices to a weak trend in base metals at the London Metal Exchange (LME) and tepid demand from consuming industries in the domestic spot market. 

Meanwhile, at the LME, copper prices dropped 1 per cent on Friday while at the Shanghai Futures Exchange where prices have been falling since late December, the metal stayed down by 0.5 per cent at 52,950 yuan (USD 8,407) a tonne.