Copper futures up on overseas trend, spot demand

Amid a firming global trend and pick up in spot demand, copper prices moved up by 0.48 per cent to Rs 353.45 per kg in futures trade today.
At the Multi Commodity Exchange, copper for delivery in far-month February next year was up by Rs 1.70, or 0.48 per cent, to Rs 353.45 per kg in a business volume of six lots.
Metal for delivery in November gained Rs 1.60, or 0.73 per cent, to Rs 347.55 per kg in business turnover of 842 lots.
Marketmen attributed the rise in copper futures to a firming trend in base metals at the London Metal Exchange (LME) as China's markets closed for a two-day national holiday and investors awaited US jobs data due Friday.

Further, rising demand from consuming industries at domestic spot markets supported the upside, they said.
Meanwhile, copper for delivery in three months rose 0.2 per cent to USD 5,130 a tonne at the LME.