Copper up 0.3% on global cues, spot demand

Metal prices for delivery in February last year was up by 0.28%

Copper futures prices today rose by 0.36% to Rs 448.90 per kg in futures trade today as speculators enlarged positions, triggered by a firming trend at the London Metal Exchange amid rising demand at domestic spot markets.

 

At the Multi Commodity Exchange, copper for delivery in November edged up by Rs 1.60, or 0.36%, to Rs 448.90 per kg in business turnover of 3,308 lots.

 

Likewise, the metal prices for delivery in February last year was up by Rs 1.30, or 0.28%, to Rs 459.45 per kg in a turnover of 97 lots.

 

Market analysts attributed the rise in copper futures to a rising trend in metal at the London Metal Exchange (LME) on optimism that US lawmakers will reach a deal to raise the debt limit, easing concern that global growth will slow.

 

Besides, LME stockpiles, which fell to the lowest level since March 11 and pick-up in demand in the domestic spot market, further fuelled the uptrend, they said.

 

Globally, copper climbed 0.50% to $7,132.50 a tonne at the LME.