Copper futures rise 0.33 pc on spot demand, short-covering

Copper prices edged higher by 0.33 per cent to Rs 385.70 per kg in futures trade today amid pick up in demand at the domestic spot market and short-covering by speculators.

At the Multi Commodity Exchange, copper for delivery in June inched up by Rs 1.50 or 0.33 per cent to Rs 449.70 per kg in business turnover of 1,105 lots.

Likewise, the metal for delivery in August contracts traded higher by Rs 1.25, or 0.27 per cent to Rs 456 per kg in 581 lots.

Analysts said apart from pick up in demand from consuming industries in the spot market, covering-up of short positions by speculators ahead of monthly expiry supported the upside in copper futures here.

Globally, copper for three-month delivery was flat at USD 6,620 per tonne at the London Metal Exchange, while on the Shanghai Futures Exchange, it fell by 0.7 per cent.