Copper up 0.1% on global cues, spot demand

Supported by a firm global trend and increased domestic demand, copper prices rose marginally by 0.15% to Rs 407.20 per kg in futures trade today.

At the Multi Commodity Exchange, copper for delivery in August traded higher by 60 paise, or 0.15%, to Rs 407.20 per kg in business turnover of 9,659 lots.

Copper for delivery in far-month November edged up by a similar margin to Rs 411.95 per kg in 371 lots.

Globally, copper for delivery in three months climbed 0.60% to $6,790 tonne on the London Metal Exchange, while at Shanghai Futures Exchange, it gained 0.4% to 48,790 yuan ($7,959) a tonne.

Market analysts said besides increased demand from consuming industries, a firming overseas trend as some investors feels a slowdown in manufacturing in China, the biggest user, had been factored into prices after the biggest quarterly drop in almost two years, mainly influenced copper prices at futures trade here.