Copper prices moved down by 2.05% to Rs 396.80 per kg in futures trade today as speculators reduced their positions, tracking a weak trend in global markets.
At the Multi Commodity Exchange, November copper moved down by Rs 8.30, or 2.05%, to Rs 396.80 per kg, with a business turnover of 12,550 lots.
The February contract shed Rs 7.90, or 1.93%, to Rs 401.55 per kg, with a turnover of 1,041 lots.
Analysts said apart from a weakening trend in global markets after the Federal Reserve said that the US economy faces significant downside risks, eroding prospects for base metals' demand, sluggish spot demand mainly led to the fall in copper prices in the futures trade here.
Meanwhile, copper for three-month delivery dropped as much as 3.2% to USD 8,036.25 a tonne on the London Metal Exchange.
