ET:Copper futures rise on spot demand, global cues
NEW DELHI: Copper prices up by 0.34 per cent to Rs 418.30 per kg in futures trade today as speculators enlarged positions driven by pick up in spot demand and a firming global trend.
At the Multi Commodity Exchange, copper for delivery in June edged up by Rs 1.40, or 0.34 per cent, to Rs 418.30 per kg in business turnover of 4,793 lots.
Likewise, the metal for delivery in August traded higher by Rs 1.15, or 0.27 per cent, to Rs 423.60 per kg in 366 lots.
Market analysts attributed the rise in copper futures to firm global trend amid Growing concerns that a shutdown of the world's second-biggest mine will curb supplies and a weakening dollar may boost the appeal of metals as an alternative investment.
Also, pick up in demand in the spot market further fuelled the uptrend, they said.
Meanwhile, copper rose 0.6 per cent to $ 7,376 a tonne on the London Metal Exchange.
