Copper futures up on strong global cues, spot demand

NEW DELHI: Continuing its price rise, copper today elevated further by 0.18 per cent to Rs 422.45 per kg in futures trade as speculators enlarged their positions on the back of a firming trend overseas after a report showed manufacturing rebounded in the US.

At the Multi Commodity Exchange, copper for delivery in November edged up by 75 paise, or 0.18 per cent, to Rs 422.45 per kg in business turnover of 155 lots.

Likewise, the metal for delivery in August traded higher by 65 paise, or 0.16 per cent, to Rs 417.80 per kg in 2,320 lots.

Market analysts attributed the rise in copper futures to a recovery in the global market where it rebounded after a report showing manufacturing in June rebounded in the US, the world's biggest metals consumer after China.

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

Meanwhile, copper rose 3.4 per cent to USD 6,979 a tonne on the London Metal Exchange.