Copper up on firm global cues, spot demand

Rising demand at spot markets influence metal prices

Tracking a firm global trend, copper futures prices today rose by 0.61% to Rs 446.85 per kg as speculators created fresh positions.

Besides, rising demand at spot markets also influenced metal prices.

Analysts said the rise in copper prices at futures trade was largely on the back of a weakening trend at the London Metal Exchange (LME) after data showed China's manufacturing may expand at a faster pace, adding to signs that demand in the world's largest metal consumer is recovering.

Further, pick up in demand at spot markets also supported the upside, they said.

At the Multi Commodity Exchange, the February contract traded higher by Rs 2.70, or 0.61%, to Rs 446.85 per kg in business turnover of 5,156 lots.

Likewise, the April contract edged up by Rs 2.60, or 0.58%, to Rs 451.10 per kg, with a business turnover of 250 lots.

Meanwhile, copper for delivery in three months climbed 0.3% to $8,100 a tonne at the LME.