Copper futures rise on spot demand, global cues

Copper prices moved up by 0.17 per cent to Rs 404.75 per kg in futures trade today on pick-up in spot demand coupled with a firming global trend.
At the Multi Commodity Exchange, copper for delivery in far-month April was up by 70 paise, or 0.17 per cent, to Rs 404.75 per kg in a business volume of 57 lots.
Metal for delivery in February too gained 55 paise, or 0.14 per cent, to Rs 400.50 per kg in a business turnover of 1,613 lots.
Marketmen attributed the rise in copper futures to a firming trend in base metals at the London Metal Exchange (LME) after the OPEC oil cartel reached a deal yesterday in Vienna to reduce its output for the first time in 8 years.

Globally, copper for delivery in three months gained 2.1 per cent to settle at USD 5,825 per tonne on the LME. The metal gained 20 per cent for the month, its biggest gain since April 2006.