Copper futures rise on short-covering, spot demand

Domestic copper up despite overseas worries

Supported by a pick up in spot demand, copper prices rose by 0.22% in futures trade from previous close despite a fall on the London Metal Exchange.

At the MCX, copper for delivery in April rose by 95 paise, or 0.22%, to Rs 437.15 per kg, with a business turnover of 11,821 lots.

Similarly, the June contract moved up by 90 paise, or 0.20%, to Rs 441.25 per kg, with an open interest of 4,339 lots.

Analysts said buying by speculators on the back of a firming trend at the spot markets and covering-up of pending short positions, mainly led to the rise in copper prices at futures trade.

But weak trend overseas on demand concerns after Spain's sovereign debt rating was cut by Standard & Poor's, capped the gains, they added.

Three-month copper contract on the LME fell 0.5% to $8,281.50 a tonne.