Copper futures up 1 pc on spot demand, global cues

Copper futures traded 1 per cent higher at Rs 455.90 today after participants widened their positions on the back of pick-up in domestic demand and a firm trend in base metals overseas.

At the Multi Commodity Exchange, copper for delivery in June rose Rs 4.50, or 1 per cent, at Rs 455.90 per kg, in a business turnover of 2,123 lots.

Similarly, the metal for delivery in far-month August was trading up by Rs 4.45, or 0.98 per cent, at Rs 459.95 per kg in 28 lots.

Analysts attributed the rise in copper futures to firm demand at the domestic spot markets and strength in metal at the London Metal Exchange (LME) after a private survey showed growth in China's manufacturing sector unexpectedly picked up in April, brightening the demand outlook in the top user of the metal.

At the LME, copper for delivery in three months was up 1.2 per cent at USD 6,829 per tonne today after hitting a low of USD 6,710 per tonne yesterday, its weakest since April 4.