Copper futures rise 0.33 pc on global cues

Copper prices rose by 0.33 per cent to Rs 425.30 per kg in futures trade today as speculators enlarged positions, tracking a firm global trend.
Besides, increased demand in the spot market supported the uptrend in copper.
At the Multi Commodity Exchange, copper for delivery in August rose by Rs 1.40, or 0.33 per cent to Rs 425.30 per kg in business turnover of 798 lots.
In a similar fashion, the metal for delivery in June edged up by Rs 1.20, or 0.29 per cent to Rs 421.40 per kg in 5,814 lots.
Market analysts said positions built-up by speculators in tandem with a firm global trend where copper advanced to a four-week high as global stockpiles declined amid speculation the US economy will rebound from a worse-than-estimated contraction in the first quarter, mainly led to the rise in copper prices at futures.

Meanwhile, inventories monitored by the main exchanges in London, Shanghai and New York have plunged 51 per cent this year to the lowest level since October 2008.
Globally, copper for delivery in three months rose 0.5 per cent to USD 6,951.25 a metric tonne, the highest since May 28 on the London Metal Exchange.