Copper gains 0.9% on firm global cues, spot demand

Higher offtake from cosuming industries at home, rise in China's new credit influence futures prices

Taking positive cues from global markets, copper prices rose 0.90 per cent to Rs 449.80 per kg in futures trade today amid high domestic demand.
    
At the Multi Commodity Exchange, copper for delivery in February traded higher by Rs 4, or 0.90 per cent, to Rs 449.80 per kg in business turnover of 1,313 lots.
    
The April contract edged up by Rs 3.75, or 0.83 per cent, to Rs 454.30 per kg with a business volume of 99 lots.

    
Analysts said besides increased demand from domestic consuming industries, a firming trend overseas after a report showed China's new credit increased to a record last month, boosting demand prospects for industrial metals from the world's top user, influenced copper prices at futures trade here.
      
Meanwhile, copper for delivery in three months added 0.6 per cent to $7,1094.75 a tonne on the London Metal Exchange. At the Shanghai Futures Exchange, the April contract traded advanced 0.70 per cent to 51,010 yuan ($8,411) a tonne.