Copper futures up on spot demand, global cues

Copper prices moved up by 0.75 per cent to Rs 445.25 per kg in futures trade today on pick up in demand coupled with a firming global trend.

At the Multi Commodity Exchange, copper for delivery in November was up by Rs 3.30, or 0.75 per cent, to Rs 445.25 per kg, in a business volume of 1,877 lots.

The metal for delivery in February next year too gained Rs 3, or 0.67 per cent, to Rs 450.05 per kg, in a business turnover of six lots.

Marketmen attributed the rise in copper futures to a firming trend overseas where it surged to highest levels since October 2014 with confidence in global economy supporting prices.

Besides, rising demand from consuming industries at domestic spot markets, kept copper prices higher, they said.

Globally, copper for three-month delivery climbed as much as 1.2 per cent to USD 6,915 per tonne on the London Metal Exchange.

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