Copper sheds 0.58% on global cues

China pledge to keep curbs on property market slows demand for industrial metals, puts pressure on copper futures

Copper prices declined by 0.58% to Rs 428.45 per kg in futures trade today largely in tune with a weak trend overseas amid sluggish domestic demand.

At Multi Commodity Exchange, copper for delivery in August declined by Rs 2.50, or 0.58%, to Rs 428.45 per kg, with a business turnover of 15,224 lots.

November copper traded lower by Rs 2.45, or 0.56%, to Rs 432.75 per kg, with a business turnover of 867 lots.

Marketmen said besides sluggish domestic demand, a weak trend overseas as China pledged to keep curbs on the property market, slowing demand for industrial metals, put pressure on the copper futures here.

Meanwhile, copper for the three-month delivery slipped 0.2% to $7,717.25 tonne on the London Metal Exchange.