Copper futures rise on firm global cues

Falling inventories at LME, SHFE firm prices

Buoyed by a firm global trend, copper prices rose by 0.19% to Rs 444.85 per kg in futures trade today as speculators created fresh positions.

Analysts said that thee-month copper on the London Metal Exchange rose as falling inventorires fueled speculation that global supplies will dwindle later in the year.

Stockpiles of copper at the LME-monitored warehouses dropped to the lowest since November 2008 and those tracked by Shanghai's exchange are the lowest in more than two months, indicating fresh demand in marekts.

At the MCX, copper for delivery in April rose by 85 paise, or 0.19%, to Rs 444.85 per kg in business turnover of 9,360 lots.

The June contract moved up by 20 paise, or 0.18%, to Rs 447.55 per kg in a business volume of 5,837 lots.

At the London Metal Exchange (LME), copper for delivery in three months gained 0.6% to $8,462 per tonne in early trade today, the highest level since April 4.