Copper firms up in futures trade on global cues

NEW DELHI: Tracking a firming trend in base metals at the London Metal Exchange (LME) and a pickup in domestic demand, copper futures edged higher by 0.15 per cent to Rs 337.75 per kg today as speculators enlarged positions.

At the Multi Commodity Exchange, copper for delivery in November rose 50 paise, or 0.15 per cent, to Rs 337.75 per kg, with a turnover of 1,221 lots.

Similarly, the metal for delivery in far-month February was up by 45 paise, or 0.13 per cent, at Rs 344.05 per kg, with a trade volume of 21 lots.

Globally, copper for delivery in three months rose 0.2 per cent to USD 5,141 per tonne on the LME and rising demand for the metal at the domestic market supported the uptrend.

Marketmen said the rise in copper prices at futures trade was mostly in line with a firming trend in base metals at the LME.