Copper futures drops by 0.37 pc on weak global cues

Amid a weak trend overseas and muted demand from consuming industries in the domestic spot market, copper futures fell by 0.37 per cent on Monday as speculators cut down their holdings.

At the Multi Commodity Exchange, copper for delivery in current month declined by Rs 1.15, or 0.37 per cent, to Rs 449.60 per kg in a business turnover of 1,348 lots.

Traders said off-loading of positions by speculators amid weak global cues and muted demand at domestic spot markets, led to falling in copper prices at futures trade here.