Copper up by 0.6% on spot demand

Positive cues from overseas markets also helped prices

Copper futures today rose by 0.63% to Rs 351.25 per kg on the back of pick up in spot demand and positive cues from overseas markets.

At the Multi Commodity Exchange, copper for delivery in far-month February next year contracts was trading higher Rs 2.20, or 0.63%, at Rs 351.25 per kg with a turnover of 47 lots.

Similarly, the metal for delivery in November was up Rs 1.65, or 0.1%, at Rs 345.10 per kg with a trade volume of 894 lots.

Globally, copper for three-month delivery added as much as 0.6% to $5,216 a tonne on the London Metal Exchange (LME).
 
Analysts attributed the rise in copper at futures trade to a firming trend on the LME where it rose for the fourth day as speculation that the Federal Reserve will keep US interest rates near zero for longer boosted the appeal of riskier assets such as commodities.

Besides, pick-up in spot demand at domestic markets supported the upside, they said.