Copper edges up, tracking global cues

At the Multi Commodity Exchange, copper for delivery in June traded higher by 0.35%

Buoyed by a firm global trend and increased domestic demand, copper prices rose 0.35% to Rs 383.90 per kg in futures trade today as participants created speculative positions.

At the Multi Commodity Exchange, copper for delivery in June traded higher by Rs 1.35, or 0.35%, at Rs 383.90 per kg in a business turnover of 486 lots.

Metal for delivery in August contracts edged up by Rs 1.20, or 0.31%, to Rs 388.70 per kg in 10 lots.

Globally, copper for delivery in three months rose 0.2% to $5,949.50 a tonne on the London Metal Exchange (LME) while in Shanghai, the metal for delivery in August advanced 0.6% to 43,080 yuan ($6,945) per tonne.

Analysts said a firming overseas trend after a strong US jobs report card in five months and trade data from China, the biggest metal consumer, mainly influenced copper prices here.