Copper sheds 0.16% on global cues

Tracking weak global trends, copper futures slipped by 0.16% to Rs 418.70 per kg on the Multi-Commodity Exchange today.

Sluggish demand at spot markets also put pressure on the futures trade.

Copper for delivery in February shed 65 paise, or 0.16%, to Rs 418.70 per kg in business turnover of 4,966 lots.

The April contract traded lower by 65 paise, or 0.16% to Rs 423.45 per kg in 410 lots.

Analysts said positions offloaded by speculators amid weakening global trend mainly led to fall in copper futures prices.

Meanwhile, copper for three-month delivery lost 0.5% to $8,520 a metric tonne on the London Metal Exchange.