Copper futures climb 2.88% on global cues, spot demand

Copper prices surged by 2.88 per cent to Rs 358.85 per kg in futures trade today as speculators built up fresh positions, tracking a firm trend overseas amid pick up in demand at the spot market.
At the Multi Commodity Exchange, copper for delivery in November month shot up by Rs 10,05, or 2.88 per cent to Rs 358.85 per kg in business turnover of 48,636 lots.
On similar lines, the metal for delivery in far-month February 2017 was trading higher by Rs 9.90, or 2.79 per cent to Rs 364.35 per kg in 2,616 lots.
Analysts attributed the rise in copper futures to a firming trend in base metals in global markets and uptick in demand from consuming industries at domestic spot markets supported the upside.

Meanwhile, copper for delivery in three month jumped 4 per cent to USD 5,443 a tonne on the London Metal Exchange, the most since June, after earlier slumping 2.3 per cent.