Copper futures up on global cues

NEW DELHI: Supported by a firming trend in the base metals at the London Metal Exchange (LME) and pick-up in domestic spot demand, copper traded higher by 0.16 per cent to Rs 401.70 per kg in futures trade today.

At the Multi Commodity Exchange, copper for delivery in June edged up by 65 paise, or 0.16 per cent, to Rs 401.70 per kg, with a business turnover of 8,402 lots.

Similarly, the metal for delivery in August traded higher by the same margin to Rs 407.05 per kg, with an open interest of 559 lots.

Market analysts attributed the recovery in copper futures prices to a firming trend at the LME.

Meanwhile, copper for three-month delivery gained 0.7 per cent to USD 8,978 a tonne on the LME.