Copper down 0.3% on muted demand

Copper prices moved down by 0.29% to Rs 305.75 per kg in futures trade today as speculators cut down their bets amid a weak trend at the domestic spot markets due to low demand.

However, a firm trend in the base metals pack at the London Metal Exchange (LME) on hints that the European Central Bank may bolster stimulus in March, easing concerns over global growth, capped the losses.

Copper for delivery in far-month April shed 90 paise, or 0.29%, to Rs 305.75 per kg, in a business turnover of 37 lots at the Multi Commodity Exchange.

Likewise, the metal for delivery in February traded lower by 70 paise, or 0.23%, to Rs 301.05 per kg in 2,616 lots.
 
Analysts said copper prices fell in line with a weak trend in metal at the domestic spot markets amid muted demand from consuming industries but gains in the base metals at the LME, restricted losses.

Globally, copper for delivery in three months was little changed at USD 4,426 a metric tonne at the LME. It had advanced 1.6% in yesterday's trade.