Copper rises by 1.5% on firm global cues

Increased domestic demand also influenced prices

Buoyed by a firm global trend and increased domestic demand, copper prices rose 1.55% to Rs 365.90 per kg in futures trade today as participants created speculative positions.

In futures trading at Multi Commodity Exchange, copper for delivery in June traded higher by Rs 5.60, or 1.55%, at Rs 365.90 per kg in a business turnover of 2,200 lots.

Metal for delivery in far-month August contracts spurted by Rs 5.55, or 1.52%, to Rs 371.30 per kg in a business volume of 222 lots.

Globally, copper for delivery in three months rose 1.9% to $5,760 a tonne on the London Metal Exchange (LME) while in Shanghai, the metal advanced 0.3% to 41,950 yuan ($6,756) per tonne.

Analysts said a firming overseas trend after copper and nickel led metals higher as manufacturing in China showed signs of stabilising and amid speculation a deal is near between Greece and its euro-area creditors, mainly influenced copper prices here.