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Tracking a firming trend in base metals at the London Metal Exchange (LME) and a pickup in domestic demand, copper futures edged higher by 0.65% to Rs 372.80 per kg today as speculators enlarged positions.
At the Multi Commodity Exchange, copper for delivery in June contracts rose by Rs 2.40, or 0.65%, to Rs 372.80 per kg, with a turnover of 1,380 lots.
Similarly, the metal for delivery in August was up by Rs 2.25, or 0.60%, at Rs 378.25 per kg, with a trade volume of 45 lots.
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Globally, copper for delivery in three months rose 0.60% to $5,780 per tonne on the LME, while the metal in Shanghai advanced 0.30% to 41,920 yuan ($6,752) per tonne.
Besides fresh positions created by participants, tracking gains in industrial metals overseas as China house prices dropped in fewer cities for the third month and the US Fed signalled a cautious approach to raise interest rates, influenced copper prices at futures trade here.
