Copper futures rise on global cues, spot demand

NEW DELHI: Copper futures traded 0.15 per cent higher at Rs 338.15 per kg today as speculators widened bets amid a firming trend overseas and rising spot demand.

In futures trade, copper for delivery in November rose Rs 1.50, or 0.15 per cent, to Rs 338.15 per kg in a business turnover of 958 lots at Multi Commodity Exchange.

On similar lines, the metal for delivery in far-month February 2016 edged up by 35 paise, or 0.10 per cent, at Rs 344.35 per kg in 19 lots.

Market analysts said a better trend in base metals at the London Metal Exchange (LME) after Glencore said it will cut more production of the metal at its mines through 2017 and pick-up in demand at domestic spot markets influenced copper futures here.

Globally, copper for delivery in three months was up by 0.2 per cent to $5,134 a tonne at LME, its highest in a week.