Copper futures remain up on global cues

NEW DELHI: Continued their rising streak for the third straight day, copper prices rose 0.21 per cent to Rs 358.05 per kg in futures trade today as speculators enlarged positions on the back of firm global cues.

At the Multi Commodity Exchange ( MCX), copper for delivery in in April traded higher by 75 paise, or 0.21 per cent, to Rs 358.05 per kg in a business turnover of 91 lots.

Similarly, the metal for delivery in February edged up by 65 paise, or 0.18 per cent, to Rs 353.70 per kg in 3,244 lots.

Analysts attributed the rise in copper futures to a firm global trend as signs of slower expansion in China supported speculation that the government will take measures to stimulate growth in the world's largest user of metals.

Further, pick-up in demand from consuming industries at domestic spot markets supported the upside, they said.

Globally, copper for delivery in three months rose 0.4 per cent to $5,712.50 a metric tonne on the London Metal Exchange.