Copper slides by 0.5% on weak global cues

Copper prices declined by 0.48% to Rs 470.65 per kg in futures trading today as speculators trimmed their positions, tracking a weak global trend.

 

At the Multi Commodity Exchange, copper for delivery in November declined by Rs 2.25. Or 0.48% to Rs 470.65 per kg in business turnover of 645 lots.

 

Similarly, the metal for delivery in August shed Rs 1.65, or 0.35% to Rs 463.90 per kg in 5,961 lots.

 

Analysts attributed the fall in copper futures to a weak global trend ahead of minutes of the Federal Reserve's last meeting that may provide clues on the pace of stimulus and trade data from China, the biggest user of industrial metals.

 

Meanwhile, copper declined 0.3% to $7,300 per tonne at the London Metal Exchange.