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Buoyed by a firm global trend and increased domestic demand, copper prices rose 1.05% to Rs 476.85 per kg in futures trade today as speculators enlarged positions.
At the Multi Commodity Exchange, copper for delivery in August traded higher by Rs 4.95, or 1.05%, to Rs 476.85 per kg in business turnover of 5,098 lots.
The metal for delivery in far-month November edged up by Rs 4.65, or 0.97%, to Rs 482.70 per kg in 907 lots.
Globally, copper for delivery in three months climbed 1.5% to $7,350 a tonne on the London Metal Exchange (LME), while at Shanghai Futures Exchange, it rose 0.40% to 52,660 yuan ( $8,597) a tonne for delivery in December contracts.
Market analysts said apart from increased demand at domestic spot markets from consuming industries, a firming overseas trend after manufacturing index in China, the biggest user, increased in august from an11-month low, adding to signs the world's second-biggest economy is stabilising, mainly influenced copper prices at futures trade here.
Besides, falling inventories also supported the upside, they said.
LME copper inventories declined 1% to 566,925 tonnes, daily exchange data showed yesterday.
