Copper futures slip 0.53% on global cues, muted spot demand

Copper prices drifted lower by 0.53 per cent to Rs 179.50 per kg in futures trade today as speculators cut down their bets amid subdued trend overseas.

Besides, sluggish demand from consuming industries at domestic spot market, weighed on prices.

At the Multi Commodity Exchange, copper for delivery in August declined by 75 paise, or 0.18 per cent, to Rs 425.10 per kg in business turnover of 901 lots.

Similarly, the metal for delivery in November contracts shed 80 paise, or 0.18 per cent, to Rs 432.45 per kg in 7 lots.

Analysts said sentiment turned bearish after London copper slipped today as investors shrugged off a potential strike at the world's largest copper mine and focused instead on a raft of economic reports that may indicate slowing growth in top metals consumer China.

Globally, for delivery in three month traded at USD 6,239 a tonne, down 0.9 per cent on the London Metal Exchange. Shanghai Futures Exchange copper also eased 0.2 per cent to 49,950 yuan (USD 7,306) a tonne.