Copper futures tad higher on spot demand, global cues

Copper prices traded marginally up by 0.06 per cent to Rs 318.30 per kg in futures trading today as traders built up fresh positions on pick-up in demand at domestic spot market amid a firm global trend.
At the Multi Commodity Exchange, copper for delivery in February month edged up by 20 paise, or 0.06 per cent to Rs 318.30 per kg in a business turnover of 2,328 lots.
Similarly, the metal for delivery in far-month April contracts traded higher by 10 paise, or 0.03 per cent to Rs 323.25 per kg in 468 lots.
Analysts said fresh positions created by participants due to pick-up in demand from consuming industries at the spot market led to rise in copper prices at futures trade.

A firming trend in the base metal pack at the London Metal Exchange (LME) where industrial metals advanced on speculation that China is capable of maintaining its growth, supporting demand in the top user, while data from the US indicated interest rates may remain lower for longer, also influenced copper prices, they said.