Copper up on global cues, spot demand

Firming trend overseas as US data showed demand from there may improve, influencing copper prices at futures trade

Supported by a firming trend in global markets, copper futures prices recovered marginally by 0.13% to Rs 438.60 per kg today as speculators enlarged positions.

At the Multi Commodity Exchange, the February contract traded 55 paise, or 0.13%, to Rs 438.60 per kg, with a business turnover of 2,690 lots.

The April contract gained 45 paise, or 0.10%, to Rs 442.85 per kg, with a business turnover of 118 lots.

Marketmen said a firming trend overseas as US data showed demand from the second-largest user may improve mainly influenced copper prices at futures trade here.

Besides, pick-up in demand at the domestic spot market supported the upside, traders said.

Meanwhile, copper for delivery in three months climbed 0.40% to $7,865 per tonne on the London Metal Exchange, while on the Shanghai Futures Exchange the metal added 0.40% to 56,990 yuan ($9,140) per tonne.