Copper down 0.3% on global cues

Sluggish domestic demand adds to fall

Copper prices declined by 0.30% to Rs 419.50 per kg in futures trade today owing to a weakening trend overseas over Europe's debt worries amid sluggish domestic demand.

At Multi Commodity Exchange, copper for delivery in August declined by Rs 1.25, or 0.30%, to Rs 419.50 per kg, with a business turnover of 6,718 lots.

The November contract traded lower by Rs 1.25, or 0.29%, to Rs 424.75 per kg, with a business turnover of 365 lots.

Market analysts said that besides the sluggish domestic demand, a weak trend overseas on concerns that Europe's debt crisis may worsen and slowing growth in China, the world's largest consumer of metals, led to a fall in copper futures prices.

Meanwhile, copper for the three-month delivery slipped 0.5% to $7,412 a tonne on the London Metal Exchange.