Copper futures down 0.70% on weak global cues

NEW DELHI: Copper futures prices today fell 0.70 per cent to Rs 391.85 per kg, as speculators trimmed their positions in line with a weak trend in the global markets after the IMF trimmed its forecast for China's growth.

At the Multi Commodity Exchange, copper for delivery in April declined by Rs 2.75, or 0.70 per cent, to Rs 391.85 per kg in business turnover of 3,179 lots.

The metal for delivery in June fell by Rs 2.45, or 0.61 per cent, to Rs 398.60 per kg in a business volume of 390 lots.

Analysts said weakening trend in the global markets on concern that demand from China, the biggest consumer, would weaken after the International Monetary Fund (IMF) cut its forecast, mainly put pressure on copper prices at futures trade here.

The IMF trimmed its forecast for China's 2013 growth to 8 per cent from 8.2 per cent after World Bank cut the forecast to 8.3 per cent on April 15.

Meanwhile, copper's inventories tracked by the London Metal Exchange (LME) fell 0.6 per cent to USD 7,260 tonnes.