Copper futures up on global cues, spot demand

NEW DELHI: Copper prices rose 0.24 per cent to Rs 419.25 per kg in futures trade today as speculators enlarged positions after base metals strengthened in the global market amid pick-up in spot demand.

At the Multi Commodity Exchange, copper for delivery in April edged up by Re one, or 0.24 per cent, to Rs 419.25 per kg in a business turnover of 1,205 lots.

Likewise, the metal for delivery in June traded higher by 20 paise, or 0.05 per cent, to Rs 419.70 per kg in 233 lots.

Market analysts attributed the rise in copper futures to a firming trend in copper and other base metals in the global market on upbeat German data, raising the demand outlook for the metal and declining stockpiles at the London Metal Exchange (LME).

LME copper stocks fell by 2,025 metric tonnes to 2,38,950 metric tonnes as on April 25, 2014.

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

Meanwhile, copper rose 0.20 per cent to USD 6,776 a tonne at the LME, while at Shanghai, the metal for delivery in July rose 0.20 per cent, to 47,990 yuan (USD 7,675) per tonne.