Copper up by 0.1% on domestic demand

Copper rose marginally 0.13% to Rs 342.10 per kg in futures trade today as speculators built up fresh positions largely on the back of pickup in demand at domestic spot markets.

However, a weak trend in base metals at the London Metal Exchange (LME) on demand concerns as the economy slows in China, capped the gains.

At the Multi Commodity Exchange, copper for delivery in August contracts traded higher by 45 paise, or 0.13%, to Rs 342.10 per kg in a business turnover of 1,178 lots.

Metal for delivery in November contracts rose 30 paise, or 0.08%, to Rs 348.85 per kg in 14 lots.

Analysts attributed the rise in copper futures to a firm trend at the domestic spot markets on rising demand from consuming industries.

Globally, copper for delivery in three months fell 0.4% to $5,304 per tonne at the LME.

Prices have slumped 7.7% in July and plunged to a six-year low on Monday.

Meanwhile, Goldman Sachs Group cut its price outlook last week by 44% through 2018 and expects China's demand to grow at the slowest pace in almost two decades.