Copper weakens on reduced industrial demand

NEW DELHI: Copper prices declined by Rs 2 per kg in the local non-ferrous metals market today due to reduced industrial offtake amid a weak global trend.

However, other base metals after moving in a narrow range in scattered deals and settled around previous levels.

Traders said reduced industrial offtake amid a weak global trend mainly led to a decline in copper prices.

Meanwhile, copper for delivery in three months fell 0.9 per cent, the most in a week, to USD 7,474.75 a tonne on the London Metal Exchange.

In the national capital, copper mixed scrap met with resistance at existing higher levels and shed Rs 2 to Rs 392 per kg.