Copper futures rose by 0.60% to Rs 403.05 per kg today, buoyed by a firming trend on the London Metal Exchange amid a decline in global inventories of the metal and a pick-up in demand in the domestic market.
The trading sentiment in copper improved after the metal strengthened on the London Metal Exchange (LME) as global inventories dropped to two-year low in a fresh sign that demand is improving, analysts said.
At the Multi Commodity Exchange, copper for delivery in February rose by Rs 2.45, or 0.60%, to Rs 403.05 per kg, with an open interest for 6,403 lots.
The April contract moved up by Rs 2.30, or 0.57%, to Rs 406.85 per kg, with a trading volume of 422 lots.
Globally, copper edged up by 0.40% to $7,573.50 per tonne on the LME in early trade today.