Copper futures up on positive global cues

NEW DELHI: Copper traded higher by 0.42 per cent in futures trade today supported by a firming trend in the base metals at the London Metal Exchange (LME) and pick-up in domestic spot demand.

At the Multi Commodity Exchange, copper for delivery in November rose by Rs 2.80, or 0.42 per cent, to Rs 433.55 per kg, with a business turnover of 559 lots.

Similarly, the metal for delivery in August edged up by Rs 1.65, or 0.39 per cent, to Rs 427.55 per kg, with a trade turnover of 5,727 lots.

Market analysts attributed the recovery in copper futures prices to a firming trend in copper at the LME, after data last week showed that US manufacturing grew at a surprisingly strong pace in June, raising hopes that the global economy is starting to shake off recent weakness.

Meanwhile, copper for three-month delivery rose by 0.8 per cent to USD 9,519 a tonne at the LME.