Copper futures down on weak global cues, subdued demand

NEW DELHI: Copper futures fell 0.46 per cent to Rs 387.90 per kg as speculators reduced positions amidst weak global cues.

At the Multi Commodity Exchange, copper for delivery in April fell by Rs 1.80, or 0.46 per cent, to Rs 387.90 per kg in a business turnover of 36 lots.

Similarly, the metal for delivery in February was down by Rs 1.75, or 0.45 per cent, to Rs 383.75 per kg in 1,056 lots.

Analysts attributed the fall in copper futures to weak global trend as China's factory-gate prices extended a record run of declines, signalling weakening demand in the world's largest user of metals.

Moreover, subdued demand in the spot markets also put pressure on the prices of the metal, they said.

Meanwhile, copper for March delivery on the Shanghai Futures Exchange decreased 0.40 per cent to 44,500 yuan (USD 7,168) per tonne.