Copper prices declined in the futures market on Wednesday, tracking a pullback in global prices after the red metal touched record highs in the previous session.

On the Multi Commodity Exchange (MCX), copper contracts for January delivery slipped by Rs 8.30, or 0.62 per cent, to Rs 1,330 per kilogram, with a business turnover of 14,557 lots. The February contract also moved lower, falling by Rs 9.35, or 0.69 per cent, to Rs 1,350 per kg across 5,439 lots.

Market participants said the decline was in line with weak global cues, as traders chose to book profits at elevated levels following a sharp rally in recent sessions. Prices had surged strongly on expectations of tighter global supply conditions, prompting some correction.

In the international markets, copper futures eased from record levels. On the Comex, copper for March delivery was trading 1.36 per cent lower at USD 5.97 per pound in New York, after hitting an all-time high of USD 6.11 per pound on Tuesday.

Similarly, prices on the London Metal Exchange (LME) declined by USD 146.33, or 1.11 per cent, to USD 13,090 per tonne. In the previous session, copper had climbed to a fresh peak of USD 13,390 per tonne, while earlier this week it breached the USD 13,000-per-tonne mark for the first time.

According to Jigar Trivedi, Senior Research Analyst at Reliance Securities, copper prices had surged to record highs amid expectations of further tightening in global supply this year. He added that concerns over possible new tariffs on refined metals by the Trump administration have raised fears of supply diversion to the US, potentially tightening availability in major trading hubs like London and Shanghai.