Copper futures marginally up on strong global cues

NEW DELHI: Copper prices edged up marginally by 0.18 per cent to Rs 385.25 per kg in futures trade today, supported by a firming trend on the London Metal Exchange ( LME) and better spot demand.

At the Multi Commodity Exchange, copper for delivery in February rose by 70 paise, or 0.18 per cent, to Rs 385.25 per kg, with a business turnover of 922 lots.

In a similar fashion, the metal for delivery in November gained 40 paise, or 0.11 per cent, to Rs 378.80 per kg, with a trade turnover of 8,784 lots.

Globally, copper for three-month delivery jumped by 1.2 per cent to USD 7,564 a tonne on the LME.

Market analysts attributed the rise in copper in futures trade to a firming trend in industrial metals on the London Metal Exchange after Chinese imports gained.

In addition, a falling stockpiles of the metal at the warehouses monitored by the LME, also supported the upside in copper futures prices, they said.