BS:Copper futures rise on global cues, spot demand
Copper strengthened by 0.87% to Rs 418.10 per kg in futures trade today as speculators indulged in building up fresh positions, taking positive cues from global markets.
At the Multi Commodity Exchange, August copper rose by Rs 3.60, or 0.87%, to Rs 418.10 per kg, with a business turnover of 4,953 lots.
The November contract edged up by Rs 3.10, or 0.74%, to Rs 423 per kg, with an open interest for 2,593 lots.
Market analysts said a firming trend in overseas markets, on optimism that the US economy will recover, influenced metal prices in futures trade here.
In addition, a pick-up in spot market demand also influenced copper futures prices here, they said.
Meanwhile, copper rose by 0.5% to $8,875.50 a tonne on the London Metal Exchange.
