Copper futures prices today fell by 1% to Rs 406.95 per kg after traders reduced positions, taking weak cues from global markets.
The sluggish domestic demand at spot markets also put pressure on the metal prices.
At the MCX, copper for delivery in June lost Rs 4.10, or one per cent, to Rs 406.95 per kg, with a trading volume of 7,235 lots.
The metal for delivery in August also fell by Rs 3.95 or 0.95% to trade at Rs 412 per kg, with a trading volume of 849 lots.
Analysts said the fall in copper futures prices was mostly due to a weakening trend in overseas markets after US Federal Reserve Chairman said the central bank will need to assess conditions before deciding if more measures are needed to stoke an economy threatened by Europe’s debt crisis and US budget cuts.
Meanwhile, three-month copper dropped as much as 2.4%, the most since May 30, to $7,319 a tonne at the LME.