Copper futures slip 0.28 pc as traders trim positions

Copper prices fell by 0.28 per cent to Rs 434.50 a kg in futures trade Tuesday as participants cut exposure amid muted demand at the domestic spot markets and weak global cues.

At the Multi Commodity Exchange, copper for delivery in February contracts declined by Rs 1.20, or 0.28 per cent, to Rs 434.50 per kg in a business turnover of 19 lots.

Copper to be delivered in November contracts too fell by Rs 1.15, or 0.27 per cent, to Rs 428.60 per kg in 1,211 lots.

Globally, at the London Metal Exchange (LME) copper ended 0.50 per cent down at USD 5,945 per tonne on Monday, near a 14-month low of USD 5,773 touched in August and down nearly 20 per cent from its June peak.

Prices of most industrial metals slipped after reports the US imposed fresh round of tariffs on another USD200 billion worth of Chinese goods.

Analysts said offloading of positions by traders, tracking subdued demand at the domestic spot markets as some industrial metals fell due to low demand and weak overseas cues, mainly weighed on copper prices in futures trade.