Copper futures slide 0.39% on global cues
Tracking weak trend overseas amid easing demand at the domestic spot market, copper prices drifted further lower by 0.39 per cent to Rs 421.95 per kg in futures trade today as speculators cut their bets.
At the Multi Commodity Exchange, copper for delivery in August month fell by Rs 1.65, or 0.39 per cent, to Rs 421.95 per kg in business turnover of 764 lots.
In a similar fashion, the metal for delivery in November contracts declined by Rs 1.35, or 0.31 per cent, to Rs 429.40 per kg in 5 lots.
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Analysts said sentiment dampened after London copper fell for a third straight session amid concerns that the collapse of Turkish lira could infect emerging markets.
Meanwhile, copper for delivery in three months dropped 0.5 per cent to USD 6,125 a tonne on the London Metal Exchange.
Also, the Shanghai Futures Exchange, the most-traded copper contract, dropped 0.3 per cent to 49,520 yuan (USD 7,195) a tonne.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)