Copper futures slide 0.22% on weak global cues, muted demand

Copper prices fell 0.22 per cent to Rs 323.65 per kg in futures trade 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 November declined by 70 paise or 0.22 per cent to Rs 323.65 per kg in a business turnover of 308 lots.
On similar lines, the metal for delivery in far-month February next year traded lower by 45 paise or 0.14 per cent to Rs 329.70 per kg in seven lots.

Analysts said offloading of positions by traders on the back of a weak trend as most industrial metals fell globally as traders awaited policy decisions from the Bank of Japan and the Federal Reserve later in the day, mainly influenced copper prices at futures trade.
Globally, copper for three-month delivery fell 0.5 per cent to USD 4,769 per tonne at the London Metal Exchange after closing at USD 4,793 yesterday, its highest since August 19.