Copper futures decline 0.66% on low demand

NEW DELHI: Amid muted demand in the domestic spot markets, copper prices fell 0.66 per cent to Rs 324.40 per kg in futures trade today as speculators cut down their positions.

However, a firm trend in the base metals pack at the London Metal Exchange ( LME), capped the losses.

At the Multi Commodity Exchange, copper for delivery in April eased by Rs 1.10, or 0.66 per cent, to Rs 324.40 per kg, in a business turnover of 1,914 lots.

On similar lines, the metal for delivery in far-month June was trading down by Rs 2.10, or 0.63 per cent, to Rs 329 per kg in 50 lots.

Marketmen attributed the fall in copper prices at futures trade to a low demand at the domestic markets from consuming industries but metal's strength at the LME after the US Federal Reserve Chair Janet Yellen signalled that a rate hike was not likely to come before June, restricted the losses.

Globally, copper used in pipes and wiring retreated 0.8 per cent to USD 4,930 per tonne for delivery in three months at the LME.