Copper futures down on global cues

NEW DELHI: Tracking a weakening global trend, copper prices fell by Rs 6.40 to Rs 409.50 per kg in futures trade today.

Trading sentiment turned bearish after copper fell to a seven-week low in New York on concerns that growth in China, the world's biggest metals user, may moderate as indicated by a decline in manufacturing index in April.

At the Multi Commodity Exchange, copper for delivery in June fell by Rs 6.40, or 1.54 per cent to Rs 409.50 per kg, with a business turnover of 10 lots.

Similarly, the metal for delivery in August declined by Rs 6.30, or 1.50 per cent to Rs 414.85 per kg, with an open interest of two lots.

Market analysts said besides a weakening global trend, fall in spot market demand pulled down copper futures prices.

Meanwhile, copper futures for July delivery fell by 1.4 per cent to USD 4.12 a pound on the Comex in New York, the lowest level since March 15.