Copper sheds 0.5% on sluggish demand

Copper prices declined by Rs 2.15 to Rs 418.10 per kg in futures trade today owing to slackened demand from consuming industries in the spot market even as the metal recovered in global markets.

At the MCX, copper for delivery in June declined by Rs 2.15, or 0.51%, to Rs 418.10 per kg, with a business turnover of 14,810 lots.

Likewise, the metal for delivery in August shed Rs 2.10, or 0.49%, to Rs 423.15 per kg, with an open interest of 1,281 lots.

Analysts attributed the fall in copper futures to sluggish demand from consuming industries in the spot market.

Meanwhile, copper gained 0.6% to $7,468 a tonne on the London Metal Exchange.