Copper futures slide 0.05% on global cues, muted demand

Copper prices edged lower by 0.05 per cent to Rs 419.40 per kg in futures trade today as speculators cut their bets due to weak global cues and subdued demand at the domestic spot market.

At the Multi Commodity Exchange, copper for delivery in August month weakened by 20 paise, or 0.05 per cent, to Rs 419.40 per kg in business turnover of 1,975 lots.

Likewise, the metal for delivery in November contracts shed 15 paise, or 0.04 per cent, to Rs 426.80 per kg in business turnover of 90 lots.

Analysts said sentiment dampened after London copper fell today after the dollar rose to a 13-month high against the euro as investors shunned risky assets and sought safe havens amid the Turkish lira's drop to a record low.

Meanwhile, copper for delivery in three-month was down 0.8 per cent to USD 6,142 a tonne on the London Metal Exchange. The most-traded copper on the Shanghai Futures Exchange also dropped 0.5 per cent to 49,600 yuan (USD 7,216) a tonne.