Copper futures up on strong global cues, spot demand

Buoyed by a firming trend in global markets as inventories continued to slide, copper futures prices rose by 0.26% to Rs 466.75 per kg today as speculators enlarged positions.

At the Multi Commodity Exchange, copper for delivery in February was up by Rs 1.20, or 0.26%, to Rs 466.75 per kg, with a business turnover of 683 lots.

Similarly, the April delivery traded higher by 90 paise, or 0.19%, to Rs 471.35 per kg, with a business turnover of 99 lots.

Marketmen said a firming trend overseas as stockpiles continued to decline and before data that may show expansion in US services and factory orders, boosting demand outlook for industrial metals, influenced copper futures here.

Besides, pick-up in demand at the domestic market supported the upside, traders said.

Meanwhile, copper for delivery in three months climbed 0.3% to $7,334.75 per tonne at the London Metal Exchange, while at Shanghai, the metal was little changed at 51,910 yuan ($8,579) per tonne.