Copper marginally up in futures trade

NEW DELHI: Copper futures traded a shade higher at Rs 385.95 per kg today on positive cues from global markets and rising domestic spot demand.

At Multi Commodity Exchange, copper for delivery in current month contracts rose 85 paise, or 0.22 per cent, to Rs 385.95 per kg, with a turnover of 382 lots.

Metal for delivery in August contracts gained 65 paise, or 0.17 per cent, at Rs 390.90 per kg in business volume of 7 lots.

Globally, copper for delivery in three months spurted 0.3 per cent to USD 5,896.50 per tonne at the London Metal Exchange while in Shanghai, the metal for August contracts advanced 0.2 per cent to 43,330 yuan (USD 6,983) a tonne.

Market analysts said fresh positions created by participants, tracking a firming trend overseas and rising demand in the spot markets, influenced copper prices in futures trade.