IE:Copper futures rise on global cues, spot demand
Buoyed by a firming trend in global markets, copper futures prices rose by 0.30 per cent to Rs 421.90 per kg today as speculators enlarged positions.
At the Multi Commodity Exchange, copper for delivery in November rose by Rs 1.25, or 0.30 per cent, to Rs 421.90 per kg, with a business turnover of 9,091 lots. Similarly, the metal for delivery in February traded higher by Rs 1.30, or 0.30 per cent, to Rs 428.20 per kg, with a business turnover of 725 lots.
Marketmen said a firming trend overseas on buying at prevailing levels ahead of China's October economic data, influenced copper prices at futures trade here. Besides, pick-up in demand at the domestic spot market supported the upside, traders said.
Meanwhile, copper for the metal for delivery in three months climbed 0.5 per cent to USD 7,687 per tonne on the London Metal Exchange.