Copper futures slide 0.31 pc on global cues, weak demand

Copper prices moved down by 0.31 per cent to Rs 391.95 per kg in futures trade today as speculators cut down their bets amid a weak trend overseas and low demand at spot markets.
Copper for delivery in far-month April shed 30 paise, or 0.19 per cent, to Rs 158.25 per kg, in a business turnover of three lots at the Multi Commodity Exchange.
Likewise, the metal for delivery in February traded lower by 95 paise, or 0.24 per cent, to Rs 387.95 per kg in 413 lots.
Analysts said, copper prices fell in line with a weak trend in base metal at the London Metal Exchange (LME) on rising inventories and subdued demand at the domestic physical markets.

Globally, copper for delivery in three months closed down 1.3 per cent at USD 5,691 a metric tonne at the LME in yesterday's trade after data showed another big inflow of inventories into LME-certified warehouses. Reports showed that more than 50,000 tonnes of copper has arrived in the space of two days.