Copper rises on global cues, spot demand

Buoyed by a firming trend in global markets, copper futures rose by 0.28% to Rs 445.55 per kg today as speculators enlarged positions.

At the Multi Commodity Exchange, February copper rose by Rs 1.15, or 0.28%, to Rs 445.55 per kg, with a business turnover of 3,981 lots.

The April delivery traded higher by Rs 1.25, or 0.28%, to Rs 449.85 per kg, with a business turnover of 260 lots.

Marketmen said a firming trend overseas after data showed China's industrial production accelerated to the fastest pace in eight months, raising demand in the world's biggest consumer, influenced copper futures here.

Besides, pick-up in demand at the domestic spot market supported the upside, traders said.

Meanwhile, copper for the metal for delivery in three months climbed 0.5% to $8,072 per tonne on the London Metal Exchange, while at Shanghai Futures Exchange, the metal for delivery in March rose 0.4% to 57,670 yuan ($9,257) a tonne.