Copper futures slide 1.86% on weak overseas cues

NEW DELHI: Amid a weak overseas cues and sluggish spot demand, copper prices slide by 1.86 per cent to Rs 400.20 per kg in futures trade today as speculators trimmed their positions.

At the Multi Commodity Exchange, copper for delivery in June fell by Rs 7.60, or 1.87 per cent, to Rs 400.20 per kg in business turnover of 21986 lots.

Similarly, the metal for delivery in August shed Rs 6.95, or 1.68 per cent, to Rs 405.70 per kg in 2,988 lots.

Analysts attributed the fall in copper futures to weak global cues as inventories climbed to a 10-year high and operations resumed at the Grasberg mine in Indonesia.

Meanwhile,copper dropped 1.3 per cent to USD 6,728.50 a tonne on the London Metal Exchange.