Copper rises by 0.5% on global cues

Copper prices moved up by 0.48% to Rs 388.70 per kg in futures trade today as speculators created fresh positions in tandem with a firming global trend.

At the Multi Commodity Exchange, copper for delivery in June traded higher by Rs 1.85, or 0.48%, to Rs 388.70 per kg in a business turnover of 109 lots.

Also, the metal for delivery in April was trading higher by Rs 1.65, or 0.43%, at Rs 383.90 per kg in 2,306 lots.

Analysts attributed the rise in copper futures to a firm global trend as stockpiles in Shanghai fell from the highest in 11 months, signalling stronger demand from China.

Globally, copper for delivery in three months traded higher at $6,141.50 a tonne on the London Metal Exchange, the highest since January 9 while in Shanghai, May delivery advanced 3.9% to 43,670 yuan ($7,051 per tonne).

Meanwhile, inventories of the metal monitored by Shanghai Futures Exchange fell 0.9% to 239,349 metric tonnes last week, the first fall in four weeks, bourse data showed on Friday.