Copper prices fell by Rs 2.20, or 0.64 per cent, to Rs 341.80 per kg in futures market today, as speculators reduced their positions, after the prices declined in global markets.
Trading sentiment turned bearish as copper dropped in London on concern that a slowdown in the US and China, the world’s two biggest users, will curb demand.
Three-month copper on the London Metal Exchange declined as much as 0.9 per cent to $7,238 a metric tonne.
Weak demand for the metal at the physical markets also kept pressure on the copper futures.
At the Multi Commodity Exchange counter, copper for February-month fell by Rs 2.20, or 0.64 per cent, to Rs 341.80 per kg, with an open interest of 137 lots.
Similarly, the metal for delivery in November lost Rs 1.90, or 0.56 per cent, to Rs 337.45 per kg, with a business turnover of 36,962 lots.
Market analysts said speculators reduced their positions after weakening trend in prices at global markets.
Meanwhile, copper for three-month declined 0.9 per cent to $7,238 a metric tonne on the London Metal Exchange.
