Copper weakens in futures trade global cues, subdued demand

NEW DELHI: Amid weak global cues on demand concern, copper prices fell by 0.65 per cent to Rs 380.15 per kg in futures trade today on speculators reducing their positions.

At the Multi Commodity Exchange, copper for delivery in June traded Rs 2.50, or 0.65 per cent, to Rs 380.15 per kg in business turnover of 1,190 lots.

Similarly, the metal for delivery in April down by Rs 2.30, or 0.61 per cent, to Rs 373.95 per kg in 8,584 lots.

Analysts attributed the fall in copper futures to weak global trend amid concerns that an earthquake in China's Sichuan province will hurt demand for the metal in the near-term before it boosts consumption in the reconstruction.

Besides, subdued demand in the spot market also put pressure, they said.0

Meanwhile, copper for delivery in three months dropped as much as 1.5 per cent to USD 6,888.75 per tonne on the London Metal Exchange.