Copper prices rise 0.16% on strong global cues

NEW DELHI: Taking positive cues from the overseas markets and a pick-up in spot demand, copper futures prices on Tuesday rose by 0.16 per cent to Rs 397.50 per kg.

At the Multi Commodity Exchange, copper for delivery in June rose by 65 paise, or 0.16 per cent, to Rs 397.50 per kg, with a turnover of 1,064 lots.

Similarly, the metal for delivery in August was up by 60 paise, or 0.15 per cent, at Rs 402 per kg, with a trade volume of 48 lots.

Globally, copper for three-month delivery up by 1.4 per cent to $ 7,374 a tonne on the London Metal Exchange ( LME), the highest level since April 15, while at Shanghai Futures Exchange September contract rose 0.70 per cent to 53,200 yuan $ 8,637 per tonne.

Market analysts attributed the rise in copper in futures trade to a firming trend on the LME on speculation that demand may improve in China, the biggest user and falling stockpiles.

Meanwhile, copper stockpiles tallied by the Shanghai Futures Exchange fell for a fifth week to 213,782 tonnes last week, the lowest since February, while LME inventories recorded the first weekly drop in three months.