Copper prices declined by 0.31 per cent to Rs 457.50 per kg in futures trading on Tuesday, as speculators reduced their positions, driven by a weakening trend in global markets.
At the Multi Commodity Exchange, copper for February fell by Rs 1.40, or 0.31 per cent, to Rs 457.50 per kg, with a business turnover of 13 lots.
Similarly, the metal for delivery in April traded lower by Rs 1.35, or 0.30 per cent to Rs 461.40 per kg, with a business volume of two lots.
Marketmen said offloading of positions by speculators, amid weakening global trend ahead of import data. It may show imports by China, the world’s biggest buyer, dropped in January on ample stockpiles which weighed on the copper futures prices here.
Meanwhile, copper for three-month delivery declined 0.8 per cent to USD 9,970 a metric tonne on the London Metal Exchange after reaching a record of USD 10,160 in Monday’s trade.