Copper up 0.1% on global cues, spot demand

Pick-up in demand at spot markets supported the upside

Tracking a firming trend overseas, copper futures prices rose by 0.14% to Rs 443.70 per kg today as speculators enlarged positions.

Further, pick-up in demand at spot markets also supported the upside.

At the Multi Commodity Exchange, copper for delivery in February up by 60 paise, or 0.14%, to Rs 443.70 per kg, with a business turnover of 108 lots.

Similarly, the metal for delivery in April traded 50 paise, or 0.11% higher, at Rs 443.15 per kg, with a business turnover of 53 lots.

Marketmen said the rise in copper futures was attributed to a firming trend overseas on concern that mine supplies will decline from Indonesia and stockpiles continued shrinking.

Globally, copper for the metal for delivery in three months climbed 0.4% to $7,049.25 per tonne at the London Metal Exchange, while at Shanghai Futures Exchange, the metal for delivery in May contracts advanced 0.3% to 56,800 yuan ($8,057) per tonne.