Copper futures soften on weak global trend

The metal for delivery in February weakened by Rs 1.30,or 0.30 per cent,to Rs 437.90 per kg,with an open interest of 13 lots. It hit a contract high of Rs 446.30 per kg in the previous session.

Market analysts said a weak trend at the London Metal Exchange (LME),as recent rally in metal prices deterred buying in China weighed on copper futures prices here.

Besides,rise in inventories,monitored by the Shanghai Futures Exchange climbed to a six-week high of 131,891 tonnes last week,also kept pressure on the copper prices.

Meanwhile,at the LME,three-month copper dropped as much as 1.1 per cent,the most in two weeks to USD 9,476 a tonne,after reaching a record 9,754 in yesterday’s trade.