Copper up 0.44% on global cues, spot demand

Analysts say rise due to mixed trend on LME after China's consumer inflation increased more than estimated, signalling stabilisation of demand

Copper futures today rose by Rs 1.35 to Rs 310.05 per kg after participants widened their positions, taking mixed cues from overseas markets and pick up in domestic spot demand.

At the Multi Commodity Exchange, copper for delivery in February next year was trading higher Rs 1.35 or 0.44 per cent to Rs 310.05 per kg with a turnover of 716 lots.

April copper was up Rs 1.25, or 0.40 per cent, to Rs 314.45 per kg in nine lots.

Globally, copper for three-month delivery added 0.2 per cent to $4,599 a tonne on the London Metal Exchange (LME).

Analysts attributed the rise in copper at futures trade to a mixed trend on the LME after China's consumer inflation increased more than estimated, signalling demand in the world's second-largest economy may be stabilising after accelerated fiscal stimulus and a year of interest rate cuts.

Besides, pick-up in spot demand at domestic markets supported the upside, they said.