Copper futures up on strong global cues, spot demand

NEW DELHI: Buoyed by a firming trend in global markets as inventories tracked by the London Metal Exchange continued falling, copper futures prices rose 0.18 per cent to Rs 474.45 per kg today as speculators enlarged positions.

At the Multi Commodity Exchange, copper for delivery in far-month April was up by 85 paise, or 0.18 per cent, to Rs 474.45 per kg, with a business turnover of 22 lots.

Similarly, the metal for delivery in February traded higher by 80 paise, or 0.17 per cent, to Rs 469.40 per kg, with a business turnover of 374 lots.

Marketmen said a firming trend overseas following falling inventories monitored by the London Metal Exchange (LME) influenced copper prices at futures trade here.

Besides, pick-up in demand at the domestic market supported the upside, traders said.

Meanwhile, LME inventories fell to 3,66,425 tonnes on December 31, the lowest since Jan 28, exchange data showed.

Globally, copper for delivery in three months climbed one per cent to USD 7,430 per tonne at the LME, the highest intra-day level since June 6, while at Shanghai, the metal advanced 0.3 per cent to 52,460 yuan (USD 8,669) per tonne.