Copper futures extend losses on global cues

Copper prices declined by 0.56 per cent to Rs 453.15 per kg in futures trading today, as speculators reduced their positions, driven by a weakening trend in global markets.

At the Multi Commodity Exchange, copper for February contract declined by Rs 2.55, or 0.56 per cent, to Rs 453.15 per kg, with a business turnover of five lots.

Similarly, the metal for delivery in April traded lower by Rs 2.45, or 0.53 per cent to Rs 457.45 per kg, with a business volume of two lots.

Market analysts said offloading of positions by speculators, amid weakening global trend on concern that record prices and the prospect of more tightening measures by China, the largest user, may hurt demand.

Meanwhile, copper for three-month delivery declined 1.3 per cent to $9,886 a tonne on the London Metal Exchange.

(Source: http://www.business-standard.com/india/news/copper-futures-extend-lossesglobal-cues/125928/on)