Copper futures slide on weak global trend, low demand

Copper futures fell 0.80 per cent to Rs 349.35 per kg today after traders reduced their exposure amid a weak trend in global markets and muted demand at domestic spot markets.
At Multi Commodity Exchange, copper for delivery in August declined Rs 2.80, or 0.80 per cent, to Rs 349.35 per kg in a business turnover of 1,029 lots.
The metal for delivery in far-month November fell Rs 2.45, or 0.68 per cent, to Rs 355.95 per kg in a business volume of 20 lots.
Analysts said a weakening trend in base metals at the London Metal Exchange (LME) as all industrial metals fell in line with a broader selloff in raw materials amd global inventories jumping the most since March, signaling ample supplies, weighed on copper futures here.

Stockpiles monitored by exchanges in London, Shanghai and New York rose 3.8 per cent to 482,901 metric tons last week, the biggest advance since March 13.
Globally, copper for delivery in three months traded 0.7 per cent lower at USD 5,452.50 per tonne at LME, while the metal for Septmber in Shanghai declined 1.8 per cent.