Copper futures up on global cues, spot demand

Buoyed by a firming global trend and pick-up in spot demand, copper prices gained Rs 3.50 to Rs 405.65 per kg in futures trade today.

At the Multi Commodity Exchange, copper for delivery in June gained Rs 3.50, or 0.87% to Rs 405.65 per kg, with a business turnover of 11 lots.

Similarly, the metal for delivery in August edged up by Rs 3.35, or 0.82% to Rs 410.75 per kg, with an open interest of four lots.    

Market analysts attributed the rise in copper prices at futures trade to a firming trend at the London Metal Exchange. Also, increased demand in the spot market further fuelled the uptrend, they added. 

 

Meanwhile, copper for three-month delivery gained 1.7% to $8,950 a metric tonne on the London Metal Exchange.