Copper up marginally on global cues

Globally, three-month copper advanced by 0.8% to $7,392.50 a tonne on London Metal Exchange

In range-bound movements, copper prices today rose marginally by 0.17% in futures trade today as speculators enlarged positions, taking positive cues from global markets.

In addition, pick up in demand at spot markets also supported the upside in metal futures prices here.

At the Multi Commodity Exchange, the June copper rose by 70 paise, or 0.17%, to Rs 417.85 per kg, with a turnover of 4,770 lots.

The August delivery was up by 60 paise, or 0.14%, at Rs 422.55 per kg, with a trade volume of 859 lots.

Globally, three-month copper advanced by 0.8% to $7,392.50 a tonne on the London Metal Exchange (LME) in early trade today, while at Shanghai futures exchange it moved up 0.5% to 54,310 yuan ($8,500) per tonne.

Market analysts attributed the rise in copper futures to a firming trend at the LME on an improved demand outlook in the US after data showed new home sales surged in May to a two-year high.