Copper prices fell by 0.49 per cent on Monday after Germany’s manufacturing PMI fell unexpectedly last month signaling weak sentiment in the region which reduced the demand outlook for the metal.

 In a report, Markit Economics said that German manufacturing PMI fell to a seasonally adjusted 51.8, from 51.9 in the preceding month. Analysts had expected German manufacturing PMI to remain unchanged at 51.9 last month.

At the MCX, copper futures for May 2016 contract were trading at Rs.336.95 per 1 kg, down by 0.49 per cent, after opening at Rs. 338 against the previous closing price of Rs. 338.60.

It touched the intra-day low of Rs. 336.70 till the trading. (At 4.45 PM today). However, losses were limited due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell by 1225 metric tonnes to 148275 metric tonnes as on May 2, 2016.

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