Copper up by 0.7% on positive global cues

Pick up in spot demand also helped prices

Taking positive cues from overseas markets and a pick-up in spot demand, copper futures rose by 0.68% today to Rs 401.35 per kg.

At the Multi Commodity Exchange, copper for delivery in February next year was trading higher by Rs 2.70, or 0.68%, to Rs 401.35 per kg, with a turnover of 1,493 lots.

Similarly, the metal for delivery in far-month April 2015 contract was up by Rs 2.30, or 0.57%, at Rs 405.10 per kg, with a trade volume of 24 lots.

Globally, copper for three-month delivery added $68, or 1.1%, to $6,448 a tonne on the London Metal Exchange (LME), while the metal for February in Shanghai advanced 1.1% to 45,72- yuan ($7,433) per tonne.
 
Market analysts attributed the rise in copper in futures trade to a firming trend on the LME on expectations of steady growth in the labour market of the US, the second-largest metals consumer, and after a fire at Mongolia's biggest copper-and-gold mine.

Besides, pick-up on spot demand also supported the upside, they said.