Copper futures begin 2016 on weak note on global cues

In restricted activity, copper futures were trading 0.44 per cent lower on the first trading day of 2016 as speculators were seen reducing their positions amid weak global cues.
At Multi Commodity Exchange, copper for delivery in February fell Rs 1.40, or 0.44 per cent, to Rs 314.10 per kg, in a business turnover of 467 lots.
Similarly, the metal for delivery in far-month April was down Rs 1.10, or 0.34 per cent, at Rs 318.60 per kg in 15 lots.
Analysts attributed the fall in copper futures to overnight losses in base metals at the London Metal Exchange (LME) and subdued domestic demand at spot markets.

Meanwhile, copper for delivery in three months slid 0.6 per cent to settle at USD 4,705 a metric tonne at the LME yesterday.