Copper falls by 0.5% on weak global cues

Tracking a weak global trend, copper futures fell 0.46% lower at Rs 327.55 per kg today as speculators offloaded positions.

Furthermore, muted demand at domestic spot market pushed down the metal prices.

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At the Multi Commodity Exchange, copper for delivery in April shed Rs 1.50, or 0.46%, to Rs 327.55 per kg in a business turnover of 2,153 lots.

Analysts attributed the fall in copper futures to offloading of positions by speculators, tracking weak global cues as industrial metals slumped on fears that supply will outpace demand.

Globally, copper, used in pipes and wiring, extended its retreat from the high level in a month by dropping 1.4% to $4,930 per tonne at the London Metal Exchange in yesterday's trade.