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Copper futures traded a shade higher at Rs 407.85 per kg today as speculators enlarged positions after the base metal rose in overseas markets on declining stockpiles amid pick-up in spot demand.
At the Multi Commodity Exchange, copper for delivery in August traded higher by 30 paise, or 0.08%, to Rs 407.85 per kg in a business turnover of four lots.
In a similar fashion, the metal for delivery in June edged up by 20 paise, or 0.06%, to Rs 403.05 per kg in 950 lots.
Market analysts attributed the rise in copper futures to a firming trend overseas after it recovered from 3-week lows as declining stockpiles signalled tightening supplies just as demand is anticipated to climb in the US, the world's second-biggest metal consumer, helped copper prices to rise at futures trade.
Meanwhile, copper for delivery in three months gained 0.5% to $6,252 a metric tonne at the London Metal Exchange.
