Copper futures fall on sluggish demand, global cues

NEW DELHI: Copper prices fell by 0.31 per cent to Rs 455.05 per kg in futures trade today as speculators reduced holdings due to sluggish demand from consuming industries in the spot market.

At the Multi Commodity Exchange, copper for delivery in February declined by Rs 1.40, or 0.31 per cent, to Rs 455.05 per kg in business turnover of 3,178 lots.

Similarly, the metal for delivery in April shed Rs 1.30, or 0.28 per cent, to Rs 460 per kg in 86 lots.

Analysts attributed the fall in copper futures to speculators reducing holdings on sluggish demand from consuming industries in the spot market.

Copper fluctuated in global markets as investors awaited direction from Chinese manufacturing data and the US unemployment figures later this week also influenced the sentiment, they said.

Meanwhile, copper for delivery in three months fell to $7,322 a tonne at the London Metal Exchange.