Copper futures rise on global cues, spot demand

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SummaryCopper traded higher by 0.67 per cent at Rs 447.50 per kg in futures trade.

Buoyed by a firm global trend and pick up in domestic demand, copper traded higher by 0.67 per cent at Rs 447.50 per kg in futures trade today.

At the Multi Commodity Exchange, copper for delivery in April traded higher by Rs 3, or 0.67 per cent, at Rs 447.50 per kg, with a business turnover of 617 lots.

Similarly, the metal for delivery in February edged up by Rs 2.85, or 0.65 per cent, to Rs 443.70 per kg, with a business turnover of 7,257 lots.

Marketmen said a firm global trend after data showed Chinese manufacturing activity had picked up pace in November, adding to evidence growth in the biggest consumer of the metal is rebounding, influenced copper prices at futures trade here.

Besides, increased demand at domestic spot markets from consuming industries also supported the upside, they said.

Meanwhile, copper for delivery in three months gained 0.6 per cent to trade at a six- week high of USD 8,045 a tonne on the London Metal Exchange.

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