Copper futures down over 1 pc on weak global cues

NEW DELHI: Copper prices fell by 1.22 per cent to Rs 364.25 per kg in futures trade today, in tandem with a weak trend on the London Metal Exchange ( LME).

Profit-booking by speculators after yesterday's gains also put pressure on copper prices in futures trade here.

At the Multi Commodity Exchange, copper for delivery in November fell by Rs 4.50, or 1.22 per cent, to Rs 364.25 per kg, with a turnover of 7,675 lots.

Similarly, the metal for delivery in February lost Rs 4.50, or 1.21 per cent, to Rs 368.75 per kg, clocking a business turnover of 558 lots.

Meanwhile, copper prices fell by 1.2 per cent on the LME. Analysts said in addition to profit-booking by speculators subdued domestic demand, a weak trend on the LME on reports that China, world largest consumer, may be holding more copper stocks than estimated and lingering worries over the euro zone crisis, also put pressure on the metal prices at futures trade here.