Copper futures down on weak global cues

NEW DELHI: Copper prices fell by Rs 5.15 to Rs 418.25 per kg in futures trade today as speculators off-loaded their positions on the back of weakening global trend.

Trading sentiments turned bearish after copper dropped in Shanghai, set for a second monthly decline, on concerns that the government's measures to tame inflation.

At the Multi Commodity Exchange, copper for delivery in June fell by Rs 5.15, or 1.22 per cent to Rs 418.25 per kg, with a business turnover of two lots.

Similarly, the metal for delivery in April declined by Rs 4.85, or 1.17 per cent to Rs 411.45 per kg, with a business volume of nine lots.

Analysts said speculators reduced their positions in tandem with a weakening global trend mainly pulled down copper futures prices.

Meanwhile, copper fell by 1.7 per cent to USD 10,612 a metric tonne on the Shanghai Futures Exchange.