Copper futures rise on global cues, spot demand

Copper prices rose by Rs 1.25 to Rs 407.60 per kg in futures trade today on fresh buying by traders, tracking a firming trend in base metals overseas.

Trading sentiments bolstered after copper climbed in overseas markets on optimism that Greece will be able to pass an austerity package needed to secure more financial aid and prevent a default on its debts.

At the Multi Commodity Exchange, June contract for copper rose by Rs 1.25, or 0.31% to Rs 407.60, with a business turnover of three lots. Similarly, August contract gained Rs 1.25, or 0.30%, to Rs 412.25, with an open interest of seven lots.    

Market experts said fresh buying by traders in tandem with a firming trend in overseas market mainly pushed up copper futures price.

Increased demand in the spot market from consuming industries further fueled the uptrend, they said. Meanwhile, copper for three-month rose 0.5% to $9,119 a tonne on the London Metal Exchange.