Copper futures rise on spot demand, global cues

NEW DELHI: Copper prices traded higher by 0.11 per cent to Rs 408.90 per kg in futures trade on Friday on increased buying by speculators driven by firm global trend and pick up in demand in the spot market.

At the Multi Commodity Exchange, copper for delivery in June edged up by 45 paise, or 0.11 per cent to Rs 408.90 per kg in business turnover of 25556 lots.

Likewise, the metal for delivery in August traded higher by similar margin to Rs 414.10 per kg in 1917 lots.

Market analysts attributed the rise in copper futures to firm global trend amid concerns that an accident at the world's second-biggest mine may curb supply as the US economy shows signs of recovery.

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

Meanwhile, copper rose 0.3 per cent to $7,323.25 a tonne on the London Metal Exchange.