Copper rises 0.7% on global cues

Pick up in spot demand helps uptrend

Buoyed by a firming trend in global markets amid good spot demand, copper futures prices rose by 0.69% to Rs 424.05 per kg today.

At the Multi Commodity Exchange, copper for delivery in November rose by Rs 2.90, or 0.69%, to Rs 424.05 per kg, with a business turnover of 4,630 lots.

February copper traded higher by Rs 2.80, or 0.66%, to Rs 430.20 per kg, with a business turnover of 296 lots.

Marketmen said a firming trend overseas on bargain buying and pick up in demand influenced copper prices at futures trade here.

Meanwhile, copper for delivery in three months climbed 0.6% to $7,765.75 per tonne on the London Metal Exchange. At the Shanghai Futures Exchange, it rose 0.30% to 56,640 yuan $9,100) per tonne.