Copper futures decline 1.10 per cent on global cues

NEW DELHI: Copper prices drifted 1.10 per cent to Rs 371.45 per kg in futures trade today as participants offloaded their positions tracking weakness in metal overseas markets.

The exchange opened for the evening session as it remained closed in the morning for Baba Saheb Ambedkar Jayanti.

At the Multi Commodity Exchange, copper for delivery in April month declined by Rs 4.15 or 1.10 per cent to Rs 371.45 per kg in business turnover of 865 lots.

Similarly, the metal for delivery in far-month June contracts traded lower by Rs 4.05 or 1.06 per cent to Rs 376.45 per kg in 30 lots.

Market analysts said offloading of positions by participants in tandem with a weak global trend as metal fell to a three-week low on speculation that slowing growth in China will lead to less demand for raw materials, mainly weighed on copper prices at futures trade.

Meanwhile, copper for delivery in three months fell 1.4 per cent to $5,906.50 a tonne on the London Metal Exchange.