Copper futures slip on weak global cues, muted spot demand

NEW DELHI, June 18: Copper prices softened by 0.68 per cent to Rs 470.70 per kg in futures trade today as speculators offloaded positions amid a weak trend overseas and sluggish demand at the domestic spot markets.

At the Multi Commodity Exchange, copper for delivery in June eased by Rs 3.20, or 0.68 per cent, to Rs 470.70 per kg in a business turnover of 2,224 lots.

Similarly, the metal for delivery in August contracts shed Rs 3.20, or 0.67 per cent, to Rs 476.90 per kg in 313 lots.

Analysts attributed the fall in copper futures to weak trend at the London Metal Exchange (LME) on pressure from a stronger dollar and easing demand at the domestic markets.

Globally, at the LME, copper for delivery in three months fell by 0.2 per cent to USD 7,006.50 per tonne. (PTI)