Copper rises on global cues, spot demand

Buoyed by a firming trend overseas and pick-up in domestic demand, copper prices today rose by 0.26% in futures trade.

At the Multi Commodity Exchange, the August contract for copper rose by Rs 1.10, or 0.26%, to Rs 426.35 per kg, with a turnover of 1,995 lots.

The November contract gained 90 paise, or 0.22%, to Rs 430.85 per kg, with a business turnover of 160 lots.

Globally, copper for three-month delivery rose by 0.70% to $7,738 per tonne on the London Metal Exchange (LME), while the metal for October delivery rose 0.3% to 56,340 yuan ($8,838) per tonne on the Shanghai Futures Exchange today.

Marketmen attributed the rise in copper futures trade to a firming trend in global markets on speculation that rising infrastructure investment in China, the largest consumer of the metal, will raise demand for the metal.