Copper futures up on global cues, spot demand

Buoyed by positive global cues and high domestic demand, copper prices rose 0.17 per cent to Rs 440.40 per kg in futures trade today.

At the Multi Commodity Exchange, copper for delivery in November rose by 75 paise or 0.17 per cent to Rs 444.40 per kg in a business turnover of 44 lots.

The metal for delivery in far-month February also was up by 70 paise or 0.16 per cent to Rs 440.30 per kg in a business volume of 1,925 lots.

Analysts said a firming trend at the London Metal Exchange(LME) after an earthquake in the main copper producing region of Chile prompted traders to chase the metal higher, supported the upside in copper prices at futures trade here.

Furthermore, pick up in industrial demand at domestic spot market supported the upside, they said.

Globally, copper for delivery in three months ended 2.7 per cent higher at USD 6,700 per tonne at the LME in yesterday's trade.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)