Copper futures rise on firm global cues, spot demand
Buoyed by firming trend overseas, copper rose Rs 2.85, or 0.85 per cent, to Rs 337.90 per kg in futures trade today, as speculators created fresh positions on the back of a firming global trend.
Trading sentiment turned better after copper led in global markets among all industrial metals, as weak dollar increased the appeal of raw materials priced in the US currency.
At Multi Commodity Exchange counter, copper for August rose by Rs 2.85, or 0.85 per cent, to Rs 337.90 per kg, with an open interest of 32,150 lots.
Similarly, the metal for delivery in November gained Rs 2.65, or 0.78 per cent, to Rs 340.70 per kg, with an open interest of 7,035 lots.
Analysts said fresh positions created by speculators, and rise in copper prices at the London Metal Exchange on weak dollar mainly led to a rise in copper prices at futures trade.
Meanwhile, copper for three-month rose 1.3 per cent to $7,250.25 a metric tonne, the most since August 9.