Copper edges higher as inventories decline at LME

Copper traded Rs 1.95, or 0.62 per cent, higher in futures trading today after its stockpiles, monitored by the London Metal Exchange, declined to a seven-month low, indicating rise in demand.

Besides, pick up in demand at physical markets also supported the uptrend in copper futures prices. On the Multi Commodity Exchange platform, copper for delivery in August contract gained Rs 1.95, or 0.62 per cent, to Rs 315.30 per kg, with a business volume of 39 lots.

The metal for delivery in far-month November contract also traded higher by Rs 1.90, or 0.60 per cent, to Rs 318.25 per kg, with a turnover of 2 lots.

At the London Metal Exchange,three-month delivery for copper gained as much as 1.6 per cent to $6,718 a metric tonne.

Meanwhile, inventories monitored by the LME slid to 4,39,000 tons yesterday, the lowest level since November 30.

Analysts said positive trend in global markets and pick up in demand helped copper prices to rise at futures market here.