Copper slides 0.36% on tepid demand, global cues

Copper prices dipped by 0.36 per cent to Rs 453.80 per kg in futures trade today as speculators indulged in reducing their positions amid low demand from consuming industries in the spot markets weighing on the prices.

Besides, a weak trend in select base metals overseas as tariff woes between the US and China returned, ahead of trade talks between the two countries, too put pressure on copper prices.

At the Multi Commodity Exchange, copper for delivery in June fell by Rs 1.65 or 0.36 per cent to Rs 453.80 per kg in business turnover of 388 lots.

Likewise, the metal for delivery in far-month August traded lower by Rs 1.60, or 0.35 per cent to Rs 457.65 per kg in three lots.

Globally, three-month copper at the London Metal Exchange (LME) was down down 0.1 per cent to USD 6,810.50 a tonne, having closed up 1.1 per cent in the previous session, as a firm dollar weighed on prices.

Analysts attributed the fall in copper prices at futures trade to a weak trend in base metals at the domestic spot markets due to low demand from consuming industries.