Copper up by 0.1% on positive global cues

Copper futures rose 0.15% today to Rs 365.20 per kg as participants enlarged positions, taking positive cues from overseas markets and a pickup in spot demand.

At the Multi Commodity Exchange, copper for delivery in November was trading higher by 55 paise, or 0.15%, to Rs 365.20 per kg, with a turnover of 25 lots.

Similarly, the metal for delivery in August contract was up by 45 paise, or 0.13%, at Rs 358.55 per kg, with a trade volume of 1,254 lots.

Globally, copper for three-month delivery added 0.4%, to $5,587 per tonne on the London Metal Exchange (LME).

Market analysts attributed the rise in copper futures trade to a firming trend in the base metals pack on the LME on better-than-expected growth in China's economy in the second quarter, boosting demand prospects in the world's biggest metals consumer.

Meanwhile, Chinese gross domestic product expanded 7% in the second quarter from a year earlier, beating estimates for a 6.8% increase, while June industrial-production and retail-sales growth topped economists' projections.

Besides, pickup in spot demand also supported the upside, they said.