Copper futures rebound on global cues, spot demand

Buoyed by positive global cues and high domestic demand, copper prices rose 0.38 per cent to Rs 339.10 per kg in futures trade today.
At the Multi Commodity Exchange, copper for delivery in November was trading higher by Rs 1.30, or 0.38 per cent, to Rs 339.10 per kg in a business turnover of 670 lots.
The metal for delivery in far-month February was up by a similar margin to Rs 345.25 per kg in a business volume of 15 lots.
Analysts said a firming trend in copper at the London Metal Exchange (LME), snapping four days of declines, after data showed financial conditions in China are easing, a shift that might stabilise growth in the world's biggest metals consumer, supported the upside in metal prices at futures trade.

Furthermore, pick-up in industrial demand at domestic spot market supported the upside, they said.
Globally, copper for delivery in three months gained 1.1 per cent to USD 5,080 per tonne at the LME, rebounding from last week's 4.4 per cent slump, which was the most since January.