BS:Copper declines 0.27% on global cues, subdued demand
Copper prices declined by 0.27% to Rs 445.40 per kg in futures trade amid a weak trend in the global markets and profit-booking by speculators today.
Besides, subdued domestic demand also weighed on the metal prices.
At the Multi Commodity Exchange, the February contract declined by Rs 1.20, or 0.27%, to Rs 445.40 per kg in business turnover of 4,480 lots.
The April contract fell by Rs 1.10, or 0.24%, to Rs 449.75 per kg in 394 lots.
Market analysts attributed the decline in copper futures to weak global trend after inventories at the London Metal Exchange (LME) warehouses climbed to 300,500 tonnes, a nine-month high.
Meanwhile, copper for delivery in three months traded lower at $8,025.25 per tonne at the LME, while it fell 0.5% to 57,600 yuan ($9,246) per tonne on the Shanghai Futures Exchange.
