Copper declines by 0.9% on global cues

Copper prices declined by 0.88% to Rs 308.05 per kg in futures trade today after speculators cut down their bets, tracking a weak trend in base metals overseas.

Further, subdued spot demand from consuming industries fuelled the downtrend.

At the Multi Commodity Exchange, copper for delivery in far-month February 2016 moved down by Rs 2.75, or 0.88%, to Rs 308.05 per kg in business turnover of 596 lots.

Also, the metal for delivery in November traded lower by Rs 2.35, or 0.78%, to Rs 300.50 in a business volume of 721 lots.

Analysts attributed the fall in copper futures to weak trend in metal at the London Metal Exchange (LME) where it reversed an early gain as investors weighed a plan by China's biggest smelters to cut output next year.
 
Globally, copper for delivery in three months dropped 0.7% to $4,543 a metric tonne at the LME.