Indian copper futures continued to slump on Thursday evening as a bleak global economic outlook, piling inventories and slackening demand weighed on prices, analysts said. At 6.37 p.m., benchmark February copper MCCG9 was down 3.48 percent at 156.70 rupees per kg. "The inventory pile-up is massive and that is pulling prices down. Demand is very weak and only if the global economy shows signs of revival can copper prices revive," said Tejas Seth, senior research analyst with SMC Global Securities. Copper inventories in the exchanges monitored by the London Metal Exchange rose 22,750 tonnes to 477,675 tonnes, the highest level since late 2003. The bleak demand outlook was further highlighted by the International Monetary Fund, which said the world risked running out of money. [ID:nN28529010] The dollar, which also climbed on Thursday, took the sheen out of base metals. A stronger dollar makes buying expensive for other currency holders and dampens demand. [USD/] "Copper will trade in the range of 155-162 rupees today. A breakout on either side will help us guage further movement," said B.G.Manjunath Prasad, senior technical analyst with Way 2 Wealth Securities. Nickel, zinc and lead also fell on Thursday tracking copper and dragged down by the overall demand slowdown, analysts said.

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