Copper futures spurt on global cues

Copper futures were up 0.53 per cent at Rs 345.55 per kg today as speculators enlarged bets, largely in step with a firming trend in base metals at the London Metal Exchange (LME).
Furthermore, pick up in demand at domestic spot markets influenced copper futures here.
At Multi Commodity Exchange, copper for delivery in November was trading Rs 1.80, or 0.52 per cent, at Rs 345.55 per kg, in a turnover of 10,334 lots.
Metal for delivery in far-month February 2016 year also rose Rs 1.50 to trade at Rs 351.20 per kg, with trade volume of 167 lots.
Analysts said gains in copper overseas as inventories fell to an eight-month low in and concern mounted that a mine strike will disrupt production in Peru, fueling speculation that supplies may be tighter than expected and firm demand at domestic spot markets, influenced metal prices at futures trade here.

Globally, copper for delivery in three months rose 1.1 per cent to settle at USD 5,232.50 per tonne on LME yesterday.