Copper up by 1.5% on global cues

Copper prices were up 1.49% to Rs 309.10 per kg in futures trading today as speculators raised their bets, tracking a firm trend overseas.

Besides, pick-up in demand from consuming industries supported the upside.

At the Multi Commodity Exchange, copper for delivery in February month shot up by Rs 4.55, or 1.49% to Rs 309.10 per kg in business turnover of 12,249 lots.

Likewise, the metal for delivery in far-month April contracts traded higher by Rs 4.25, or 1.37% to Rs 313.35 per kg in 265 lots.

Market analysts attributed the rise in copper futures to a firming trend in base metals in global markets as Chinese copper smelters may build inventories to support prices after they announced plans to cut production next year.
 

Meanwhile, copper increased 1.5% at the London Metal Exchange.