Copper futures shed 0.22 pc on global cues

NEW DELHI: Copper prices fell 0.22 per cent to Rs 438.10 per kg in futures trade today after participants reduced positions amid a weak trend in the overseas markets.

In addition, sluggish demand at domestic spot markets also put pressure on the futures trade.

At the Multi Commodity Exchange, copper for delivery in April month fell by 95, or 0.22 per cent to Rs 438.10 per kg in a turnover of 5,054 lots.

Likewise, the metal for delivery in June shed 90, or 0.20 per cent to Rs 442.35 per kg in a turnover of 341 lots.

Analysts said positions offloaded by speculators driven by a weakening trend at the London Metal Exchange ( LME) amid an increase in global stockpiles.

Copper inventories tracked by the LME rose for the the second day to 257,550 tonnes.

Meanwhile, copper for three-month delivery lost 0.5 per cent to 8,601 dollar a metric tonne at the LME in early trade today.