Amid pick up in demand at domestic spot market, copper prices edged higher by 0.53 per cent to Rs 344.40 per kg in futures trade today as traders built up fresh positions.
However, the metal retreated overseas on concern that supply will keep outpacing demand as data showed rising output in China, the biggest producer and user of refined metal. A stronger dollar also hit commodities priced in the currency.
At Multi Commodity Exchange, copper for delivery in November inched up by Rs 1.80 or 0.53 per cent to Rs 344.40 per kg in business turnover of 22 lots.
Likewise, the metal for delivery in August contracts traded higher by Rs 1.60 or 0.48 per cent to Rs 338 per kg in 1,581 lots.
Analysts said pick up in demand from consuming industries in the spot market mainly supported the upside in copper futures here.
