Copper futures up on spot demand

Amid pick-up in spot demand, copper prices moved up 0.57 per cent to Rs 425.95 per kg in futures trade today as participants enlarged positions.

At the Multi Commodity Exchange, copper for delivery in November was up by Rs 2.40, or 0.57 per cent, to Rs 425.95 per kg, in a business volume of 1,100 lots.

Metal for delivery in far-month February next year gained Rs 2.30, or 0.54 per cent, to Rs 430.10 per kg, in a business turnover of 8 lots.

Marketmen attributed the rise in copper futures to a firming trend in select base metals at domestic spot markets on the back of pick-up in demand from consuming industries but a weak trend overseas capped the gains.

Globally, at the London Metal Exchange (LME) three-month copper ended 0.60 per cent down at USD 6,411 per tonne in yesterday's trade as the dollar strengthened, eroding demand for the commodities.

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