Copper up by 0.48% on strong global cues, spot demand

Copper today gained 0.48% to Rs 421.75 per kg in futures trade as speculators enlarged their positions on the back of a firming trend overseas amid pick up in spot demand.

 

At the Multi Commodity Exchange, copper for delivery in November edged up by Rs 2, or 0.48%, to Rs 421.75 per kg in business turnover of 312 lots.

 

Likewise, the metal for delivery in August traded higher by Rs 1.95, or 0.47%, to Rs 415.90 per kg in 5,308 lots.

 

Market analysts attributed the rise in copper futures to a recovery in the global market as stockpiles on the London Metal Exchange (LME) had the longest run of declines since September.

 

Also, pick-up in demand in the spot market further fuelled the uptrend, they said.

 

Meanwhile, copper rose 0.5% to $6,951 a tonne at the LME.