Copper up 0.43% on firm global cues, spot demand

Higher offtake from consuming industries drives prices up

Buoyed by a firm global trend and increased domestic demand, copper prices rose 0.43 per cent to Rs 448.90 per kg in futures trade today.
       
At the Multi Commodity Exchange, copper for delivery in far-month April traded higher by Rs 1.90, or 0.43 per cent, to Rs 448.90 per kg in business turnover of 966 lots.
    
February copper edged up by Rs 1.85, or 0.42 per cent, to Rs 443.75 per kg in 966 lots.
    

Market analysts said besides increased demand from consuming industries, a firming trend overseas after China's trade surplus widened more than estimated in January and as importers of the commodity rose, influenced copper futures here.

     
Globally, copper for delivery in three months climbed 0.7 per cent to $7,125 a tonne on the London Metal Exchange, the biggest intraday advance since February 6, while on the Shanghai Futures Exchange the metal for delivery in April rose 0.3 per cent to 50,550 yuan ($8,348) a tonne.