Copper futures slide 0.27% on weak global cues, muted demand

Copper prices fell by 0.27 per cent to Rs 316.45 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 June declined by 85 paise or 0.27 per cent to Rs 316.45 per kg in a business turnover of 1,954 lots.
On similar lines, the metal for delivery in August traded lower by 75 paise or 0.23 per cent to Rs 331.75 per kg in 85 lots.
Analysts said offloading of positions by traders on the back of a weak trend as most industrial metals fell along with stock markets and oil globally after the UK's decision to leave the European Union saw investors exit assets linked to economic growth, mainly influenced copper prices at futures trade.

Globally, copper for three-month delivery fell 1.7 per cent to USD 4,698 per tonne at the London Metal Exchange.