Copper prices drifted lower by 1.13 per cent to Rs 446.90 per kg in futures trade today as participants indulged in reducing positions in view of approaching monthly expiry amid a weak trend in base metals overseas.
Besides, muted demand from consuming industries in the spot market, weighed on prices.
At the Multi Commodity Exchange, copper for delivery in February shed Rs 5.10, or 1.13 per cent, to Rs 446.90 per kg in a business turnover of 329 lots.
On similar lines, the metal for delivery in November fell by Rs 4.95, or 1.11 per cent, to Rs 440.90 per kg in 1,869 lots.
Analysts said squaring-up of positions by participants ahead of November expiry and a weak trend in the base metals pack at the London Metal Exchange (LME), led to the decline in copper prices at futures trade.
Besides, slackened demand from consuming industries at the domestic spot market kept pressure on metal prices, they said.
Meanwhile, at the LME, copper for delivery in three-month retreated 1.23 per cent to USD 6,931 per tonne.
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