Copper futures weaken on sluggish spot demand

NEW DELHI: Copper futures prices declined by 0.59 per cent to Rs 420 per kg today after traders reduced positions in tandem with subdued spot demand, however a firm trend overseas restricted the losses.

At the Multi Commodity Exchange, copper for delivery in August lost Rs 2.50, or 0.59 per cent, to Rs 420 per kg, with a trading volume of 524 lots.

The metal for delivery in the ongoing June also fell by Rs 2.25, or 0.54 per cent, to trade at Rs 415.45 per kg, with a trading volume of 4,067 lots.

Analysts said the fall in copper futures prices was mostly due to a weakening trend in spot markets owing to slackened demand but recovery in base metals at the London Metal Exchange (LME) and in Asian region cushioned the fall.

Meanwhile, copper for three-month delivery rose by 0.9 per cent to $ 7,374 a tonne at the LME, while on the Shanghai Futures Exchange, it inched up 0.2 per cent to 54,190 yuan ($ 8,500) a tonne.