Copper futures up on firm spot demand

NEW DELHI: Copper prices moved up by 0.14 per cent to Rs 365.30 per kg in futures trade today amid a firming trend at domestic spot markets on rising demand.

At the Multi Commodity Exchange, copper for delivery in November was up by 50 paise or 0.14 per cent to Rs 365.30 per kg in a business volume of 198 lots.

The metal for delivery in far-month February gained 30 paise, or 0.08 per cent, to Rs 370.85 per kg in business turnover of three lots.

Marketmen attributed the rise in copper futures to a firming trend at domestic spot markets on the back of pick up in demand from consuming industries.

Furthermore, a better trend at the London Metal Exchange (LME) amid signs that supply is tightening and demand is improving, supported the upside in copper futures.

Copper for delivery in three months was little changed at USD 5,397 a tonne at the LME.

During the week copper advanced 5.1 per cent at the LME and by 5.5 per cent at Shanghai futures Exchange.