NEW DELHI: Tracking a weak trend in global markets, copper prices declined by Rs 3 to Rs 422.25 per kg in futures trade today as speculators reduced their positions largely in tandem with a weakening trend overseas.
Sentiment weakened as copper fell in London after imports slumped in China, the largest buyer of industrial metals.
At the Multi Commodity Exchange, copper for delivery in August declined by Rs 3.05, or 0.72 per cent, to Rs 422.25 per kg, with a business turnover of 34,923 lots.
Likewise, the metal for delivery in November shed Rs 3, or 0.70 per cent, to Rs 426.80 per kg, with a business turnover of 2,001 lots.
Market analysts said off-loading of positions by speculators as metal fell in overseas market after imports slumped in China, the largest buyer of industrial metals, led to a fall in copper futures prices here.
Meanwhile, copper fell 0.2 per cent to USD 7,543 a tonne on the London Metal Exchange.
