Copper futures spurt on global cues, spot demand

NEW DELHI: Buoyed by positive global cues and increased domestic demand, copper prices rose 1.37 per cent to Rs 347.40 per kg in futures trade today.

At Multi Commodity Exchange, copper for delivery in November was trading higher by Rs 4.70, or 1.37 per cent, to Rs 347.40 per kg in a business turnover of 2,338 lots.

Similarly, the metal for delivery in far-month February next year was up by Rs 4.45, or 1.28 per cent, at Rs 353.35 per kg in 65 lots.

Analysts said a firming trend in copper at the London Metal Exchange (LME) after China's official factory gauge stabilized around a three-year low, a sign government stimulus measures are helping to steady a decline in manufacturing in the world's biggest consumer, influenced metal prices at futures trade.

Furthermore, pick-up in industrial demand at domestic spot market supported the upside, the analysts said.

Globally, copper for delivery in three months gained 1.4 per cent to USD 5,230 per tonne at the LME following aq 3.8 per cent jump a day earlier after an Anglo American and Glencore venture said it plans to reduce production in Chile.

Meanwhile, China's official purchasing managers index rose to 49.8 in September, the National Bureau of Statistics said today.