Copper futures decline 0.10% on global cues, muted demand

NEW DELHI: Copper prices fell by 0.10 per cent to Rs 306.10 per kg in futures trade today as participants indulged in trimming positions, tracking a weak trend in base metals overseas.

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

At the Multi Commodity Exchange, copper for delivery in February declined by 30 paise, or 0.10 per cent, to Rs 306.10 per kg, in a business turnover of 202 lots.

Likewise, the metal for delivery in far-month April shed 15 paise, or 0.05 per cent, to Rs 310.45 per kg in three lots.

Analysts attributed the fall in copper futures to weak trend in global markets where copper continued its decline with Freeport- McMoRan set to resume shipments from its Grasberg mine in Indonesia, the world's second-largest in terms of capacity, potentially swelling a global glut.

Meanwhile, copper for delivery in three month retreated 0.3 per cent to USD 4,496 a metric tonne on the London Metal Exchange.