Copper futures up 0.28% on global cues, spot demand

Copper futures traded 0.28 per cent higher at Rs 322.55 today after participants widened their positions amid a firming trend overseas and pick up in demand in the domestic spot markets.
At Multi Commodity Exchange, copper for delivery in August rose 90 paise or 0.28 per cent at Rs 322.55 per kg in a business turnover of 887 lots.
Similarly, the metal for delivery in November was up by 90 paise or 0.27 per cent at Rs 328.90 per kg in 9 lots.
Analysts attributed the rise in copper futures to firm trend at the London Metal Exchange (LME) after the US dollar weakened on speculation that the US Federal Reserve will be slow to raise interest rates, boosting demand for commodities as an alternative investment.

Besides, increased demand from consuming industries at the domestic spot markets supported the upside, they said.
Meanwhile, copper for delivery in three months at the LME climbed 1.6 per cent to USD 4,854 per tonne.