Copper futures rise on positive global cues

NEW DELHI: Copper futures rose 1.35 per cent to Rs 326.75 per kg today as participants enlarged their positions, taking positive cues from overseas markets and pick-up in spot demand.

At the Multi Commodity Exchange, copper for delivery in August was trading higher by Rs 4.35, or 1.35 per cent, to Rs 326.75 per kg, with a turnover of 1,301 lots.

Similarly, the metal for delivery in June was up by Rs 4.25, or 1.34 per cent, to Rs 322.15 per kg, with a trade volume of 6,911 lots.

Globally, copper for three-month delivery surged as much as 0.3 per cent to settle at USD 4,710 per tonne on the London Metal Exchange ( LME) in yesterday's trade.

Market analysts attributed the rise in copper futures trade to a firming trend in the base metals pack at the LME as UK Chancellor of the Exchequer George Osborne sought to reassure markets following Britain's vote to leave the European Union and pick-up in spot demand.