PTI reported that tracking a weakening global trend, copper prices declined by INR 2.30 per kilogram to INR 416.55 per kilogram in futures trade as speculators offloaded their positions.

The trading sentiment turned bearish after copper declined in global markets on concern that any further worsening of Europe's debt crisis could slow down economic growth in China, the largest consumer, damping demand for metals.

At the Multi Commodity Exchange, copper for delivery in February declined by INR 2.30 or 0.55% to INR 416.55 per kilogram in business turnover of 30,420 lots. The April contract shed INR 2.25 or 0.53% to INR 421.55 per kilogram in 2,488 lots.

Market analysts said that speculators offloaded their positions in tandem with a weakening global trend mainly pulled down copper futures prices. They added that sluggish domestic demand further fuelled the downtrend in the metal. Meanwhile, copper for three month delivery dropped 0.8% to USD 8,430 per tonne on the London Metal Exchange.

(Sourced from Press Trust of India)