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Copper futures slide 0.05% on global cues, muted demand

Press Trust of India  |  New Delhi 

prices edged lower by 0.05 per cent to Rs 419.40 per kg in futures trade today as speculators cut their bets due to weak global cues and subdued demand at the domestic spot market.

At the Multi Commodity Exchange, for delivery in August month weakened by 20 paise, or 0.05 per cent, to Rs 419.40 per kg in business turnover of 1,975 lots.

Likewise, the for delivery in November contracts shed 15 paise, or 0.04 per cent, to Rs 426.80 per kg in business turnover of 90 lots.

Analysts said sentiment dampened after fell today after the dollar rose to a 13-month high against the euro as investors shunned risky assets and sought safe havens amid the Turkish lira's drop to a record low.

Meanwhile, copper for delivery in three-month was down 0.8 per cent to USD 6,142 a tonne on the Exchange. The most-traded copper on the Shanghai Futures Exchange also dropped 0.5 per cent to 49,600 yuan (USD 7,216) a tonne.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, August 13 2018. 10:50 IST