Copper futures slide on weak global cues; muted spot demand

Copper prices softened by 0.17 per cent to Rs 423.50 per kg in futures trade today as speculators offloaded their positions amid a weak trend in global markets.

At the Multi Commodity Exchange, copper for delivery in November eased by 70 paise, or 0.17 per cent to Rs 423.50 per kg in business turnover of 1,212 lots.

Similarly, the metal for delivery in far-month February next year shed 75 paise, or 0.17 per cent to Rs 428.10 per kg in 14 lots.

Marketmen attributed the fall in copper futures to weakness in metal at the London Metal Exchange (LME) on profit-taking, rising inventories at the exchange's warehouses, nervousness about demand in China and a higher dollar.

Furthermore, muted demand at domestic markets too put pressure on copper futures.

At the LME, three-month copper ended down 1.9 per cent at USD 6,543 a metric tonne yesterday.

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