Copper up 0.5% on global cues

Traders create fresh positions as inventories drop and metal gains in London

Copper prices moved up by 0.50 per cent to Rs 412.90 per kg in futures trade today as speculators created fresh positions, taking positive cues from global markets.

Besides, rising demand at domestic spot markets supported the upward trend.

At the Multi Commodity Exchange, copper for delivery in June traded higher by Rs 2.05, or 0.50 per cent, to Rs 412.90 per kg in a business turnover of 597 lots.

May copper added Rs 1.90, or 0.46 per cent, to Rs 415.25 per kg in 6 lots.

Analysts attributed the rise in copper futures to a firm global trend as stockpiles tracked by exchanges in London, Shanghai and New York slumped.

Copper for delivery in three months climbed 0.6 per cent to $6,918.75 a tonne in the London and Shanghai Futures Exchange.

For delivery in August, it rose 0.80 per cent to 49,110 yuan ($7,875) per tonne, the highest level since March 7.

Meanwhile, refined-copper inventories dropped to 283,645 tonnes last week, the lowest level since 2008, according to data from exchanges.