Copper futures decline on global cues

Copper prices declined by Rs 2.25 to Rs 400 per kg in futures trade on Tuesday as speculators reduced their positions on the back of a weakening global trend. At the Multi Commodity Exchange,copper for delivery in August shed Rs 2.25,or 0.56 per cent,to Rs 400 per kg,with a business turnover of 11,274 lots.

Similarly,the metal for delivery in November traded lower by Rs 2.10,or 0.52 per cent,to Rs 404.95 per kg,with an open interest of 747 lots. Market analysts said besides a weakening trend in global markets,reducing of positions by speculators on subdued spot market demand,mainly led to a fall in copper futures prices. Meanwhile,copper for three-months delivery fell by 0.5 per cent to $8,861 a tonne on the London Metal Exchange.