Copper futures slide 1.11% on weak global cues, muted demand

Copper prices fell by 1.11 per cent to Rs 365.95 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 current month contracts declined by Rs 4.10, or 1.11 per cent, to Rs 365.95 per kg in a business turnover of 1,050 lots.
On similar lines, the metal for delivery in far-month February next month traded lower by Rs 3.80, or 1.01 per cent, to Rs 371.65 per kg in 21 lots.

Analysts said offloading of positions by traders on the back of a weak trend as most industrial metals fell globally as speculators in China took their foot off the pedal and the stronger dollar deterred investors from buying commodities, mainly influenced copper prices at futures trade.
Globally, copper for three-month delivery fell 2.3 per cent to USD 5,400.50 per tonne at the London Metal Exchange.