Global cues, spot demand lifts copper futures by 0.38%

Taking positive cues from global market and rising spot demand at the domestic markets, copper prices were higher by 0.38 per cent to Rs 420.60 per kg in futures trading today as speculators raised their bets.
At the Multi Commodity Exchange, copper for delivery in August spurted by Rs 1.60, or 0.38 per cent, to Rs 420.60 per kg, in a business turnover of 847 lots.
Similarly, the metal for delivery in far-month November traded higher by Rs 1.45, or 0.34 per cent, to Rs 426.55 per kg in 91 lots.
Analysts attributed the rise in copper futures trade to a firm global trend where the metals extended a rally spurred by Chinese demand and tightening supplies.

Moreover, pick up in demand at the domestic markets from consuming industries too supported the upside, they said.
Globally, copper for delivery in three month climbed 0.2 per cent at the London Metal Exchange in yesterday's trade.