Copper rises on global cues, spot demand

Buoyed by positive global cues and high domestic demand, copper prices rose 0.06 per cent to Rs 422.15 per kg in futures trade today as participants enlarged positions.

At the Multi Commodity Exchange, copper for delivery in current month contracts rose by 25 paise or 0.06 per cent to Rs 422.15 per kg in a business turnover of 1,232 lots.

The metal for delivery in far-month November also was up by 5 paise or 0.01 per cent to Rs 427.90 per kg in a business volume of 61 lots.

Analysts said a firming trend at the London Metal Exchange (LME) with traders betting that China's better-than- expected economic growth figures so far this year will translate into stronger demand for the industrial metals, mainly influenced copper prices at futures trade here.

Globally, copper three-month delivery ended higher by USD 100 at USD 6,586 per tonne yesterday.

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

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