Copper futures rise on global cues; spot demand

NEW DELHI: Copper futures prices on Wednesday rose by 0.71 per cent to Rs 420 per kg in futures trade on Wednesday as speculators enlarged positions, triggered by a falling inventories at the London Metal Exchange amid rising demand at domestic spot markets.

At the Multi Commodity Exchange, copper for delivery in August edged up by Rs 2.95, or 0.71 per cent, to Rs 420 per kg in business turnover of 3,132 lots.

Likewise, the metal prices for delivery in November traded Rs 3, or 0.70 per cent higher at Rs 424.50 per kg in a turnover of 235 lots.

Market analysts attributed the rise in copper futures to a rising trend in metal at the London Metal Exchange (LME) as inventories declined for the sixth day.

Also, pick-up in demand in the spot market further fuelled the uptrend, they said.

Globally, copper climbed one per cent to $ 6,976 a tonne at the LME.

Meanwhile, stockpiles at the LME fell for the sixth day in a row to 6,59,200 tonnes yesterday.