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Tracking a weak global trend, copper prices fell by 0.53% to Rs 353.45 per kg in futures trade today as speculators indulged in offloading their positions.
At the Multi Commodity Exchange, copper for delivery in February fell by Rs 1.90, or 0.53%, to Rs 353.45 per kg in a business turnover of 477 lots.
The metal for delivery in April traded lower by Rs 1.60, or 0.44%, to Rs 358 per kg in 27 lots.
Analysts attributed the fall in copper futures to weak global cues after a record trade surplus for China, the largest metals consumer, highlighted weak domestic demand.
Besides, rising global inventories of metal also weighed on prices, they said.
Meanwhile, copper inventories monitored by the London Metal Exchange extended a ninth weekly advance. Stockpiles climbed 0.7% to 286,475 tons and are at the highest level in almost a year, bourse data showed Monday.
At the LME copper traded lower at $5,638.50 per tonne.
