Copper futures slide 0.03% on weak global cues

Copper futures traded a shade lower at Rs 313.70 per kg today as participants indulged in reducing positions, tracking a weak trend in base metals overseas.
Besides, subdued demand from consuming industries in the spot market weighed on prices.
At the Multi Commodity Exchange, copper for delivery in August declined by 10 paise or 0.03 per cent to Rs 313.70 per kg in a business turnover of 801 lots.
The metal for delivery in far-month November too fell by a similar margin to trade at Rs 320.45 per kg in a business volume of 74 lots.
Globally, copper for three-month delivery declined 0.8 per cent to settle at USD 4,710 per tonne on the London Metal Exchange (LME).

Analysts said trimming of positions by traders on the back of a weak trend in metal after stockpiles surged to almost seven month highs, mainly weighed on copper prices at futures trade here.
Inventories of copper, used in everything from wiring to automobiles to iPhones, rose 4.7 per cent to 240,075 tonnes, according to LME data, the highest since January 29.