Copper futures rise on global cues

NEW DELHI: Copper prices moved up by 0.48 per cent to Rs 388.70 per kg in futures trade today as speculators created fresh positions in tandem with a firming global trend.

At the Multi Commodity Exchange, copper for delivery in June traded higher by Rs 1.85, or 0.48 per cent, to Rs 388.70 per kg in a business turnover of 109 lots.

Also, the metal for delivery in April was trading higher by Rs 1.65, or 0.43 per cent, at Rs 383.90 per kg in 2,306 lots.

Analysts attributed the rise in copper futures to a firm global trend as stockpiles in Shanghai fell from the highest in 11 months, signalling stronger demand from China.

Globally, copper for delivery in three months traded higher at USD 6,141.50 a tonne on the London Metal Exchange, the highest since January 9 while in Shanghai, May delivery advanced 3.9 per cent to 43,670 yuan (USD 7,051 per tonne.

Meanwhile, inventories of the metal monitored by Shanghai Futures Exchange fell 0.9 per cent to 239,349 metric tonnes last week, the first fall in four weeks, bourse data showed on Friday.