 "Copper up 0.7% on global cues; spot demand")
Copper futures prices today rose by 0.71% to Rs 420 per kg in futures trade today as speculators enlarged positions, triggered by a falling inventories at the London Metal Exchange amid rising demand at domestic spot markets.
At the Multi Commodity Exchange, copper for delivery in August edged up by Rs 2.95, or 0.71%, to Rs 420 per kg in business turnover of 3,132 lots.
Likewise, copper prices for delivery in November traded Rs 3, or 0.70% higher at Rs 424.50 per kg in a turnover of 235 lots.
Also, pick-up in demand in the spot market further fuelled the uptrend, they said.
Globally, copper climbed 1% to $6,976 a tonne at the LME.
Meanwhile, stockpiles at the LME fell for the sixth day in a row to 6,59,200 tonnes yesterday.
At the Multi Commodity Exchange, copper for delivery in August edged up by Rs 2.95, or 0.71%, to Rs 420 per kg in business turnover of 3,132 lots.
Likewise, copper prices for delivery in November traded Rs 3, or 0.70% higher at Rs 424.50 per kg in a turnover of 235 lots.
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Market analysts attributed the rise in copper futures to a rising trend in metal at the London Metal Exchange (LME) as inventories declined for the sixth day.
Also, pick-up in demand in the spot market further fuelled the uptrend, they said.
Globally, copper climbed 1% to $6,976 a tonne at the LME.
Meanwhile, stockpiles at the LME fell for the sixth day in a row to 6,59,200 tonnes yesterday.