Copper futures slide 0.98% on muted demand, global cues

Copper prices softened by 0.98 per cent to Rs 415 per kg in futures trade today as speculators offloaded their positions amid sluggish demand at the domestic spot markets and weak global cues.

At the Multi Commodity Exchange, copper for delivery in November declined by Rs 4.15, or 0.98 per cent to Rs 420 per kg in business turnover of 1,935 lots.

Similarly, the metal for delivery in far-month February next year contracts eased by Rs 4.20, or 0.98 per cent to Rs 424.40 per kg in 26 lots.

Analysts attributed the fall in copper futures to weak trends at the domestic markets owing to slackened demand from consuming industries coupled with a weak trend at the London Metal Exchange (LME).

Globally, copper for three-month delivery ended fell 0.9 per cent to USD 6,465 per tonne at the LME yesterday.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)