Copper futures up on positive global cues

NEW DELHI: Copper futures today rose by Rs 3 to Rs 313.40 per kg on the back of pickup in spot demand and positive cues from overseas markets.

At the Multi Commodity Exchange, copper for delivery in February next year was trading higher Rs 3 or 0.97 per cent to Rs 313.40 per kg with a turnover of 2,116 lots.

Similarly, the metal for delivery in far-month April was up by Rs 2.85 or 0.91 per cent to trade at Rs 317.60 per kg with a trade volume of 16 lots.

Globally, copper for three-month delivery added as much as 0.3 per cent on the London Metal Exchange (LME).

Analysts attributed the rise in copper at futures trade to a firming trend on the LME after Freeport-McMoRan Inc pledged to deepen copper production cutbacks.

Besides, pickup in spot demand at domestic markets supported the upside, they said.