Amid a weak trend on the London Metal Exchange and sluggish spot demand, copper prices fell by 0.25 per cent in futures trade on Wednesday as speculators reduced their positions.
At the Multi Commodity Exchange, copper for delivery in June fell by Re 1, or 0.25 per cent, to Rs 402.90 per kg, with a business turnover of 1,088 lots. It had closed flat at Rs 403.90 per kg in the previous session.
The metal for delivery in August lost 95 paise, or 0.23 per cent, to Rs 408.25 per kg, with a business volume of 122 lots.
Market analysts said a weakening trend on the London Metal Exchange (LME), where metals dropped on concerns that demand in China, the world’s largest user, may stay subdued amid sluggish domestic demand, mainly put pressure on copper futures here.
Meanwhile, at the LME, three-month copper shed as much as 0.7 per cent to USD 9,020 a metric tonne in early trade on Wednesday.