Copper futures up 0.60% on global cues

NEW DELHI: Taking positive cues from global markets amid rising spot demand, copper futures prices today rose by 0.60 per cent to Rs 426.45 per kg.

At the Multi Commodity Exchange, copper for delivery in June rose by Rs 2.55, or 0.60 per cent, to Rs 426.45 per kg, with a business turnover of 4,412 lots.

Similarly, the metal for delivery in far-month August was up by Rs 2.50, or 0.58 per cent, at Rs 430.80 per kg, with a trading volume of 306 lots.

Globally, copper for three-month delivery rose by 1.4 per cent to USD 7,742.75 a tonne at the London Metal Exchange (LME), while at Shanghai, it climbed 1.1 per cent to 56,000 yuan (USD 8,830) a tonne.

Analysts attributed rise in copper prices to a firming trend overseas, on positive developments in Greek, easing concern the country will exit the currency bloc and falling metal's stockpiles in China.

Meanwhile, copper inventories monitored by the Shanghai Futures Exchange slumped for the seventh week, the longest streak in a year.