Taking positive cues from global market and rising spot demand at the domestic markets, copper prices were higher by 0.42 per cent to Rs 313.80 per kg in futures trading today as speculators raised their bets.
At the Multi Commodity Exchange, copper for delivery in November month contracts spurted by Rs 1.30, or 0.42 per cent to Rs 313.80 per kg in business turnover of 1,024 lots.
Similarly, the metal for delivery in February next year contracts traded higher by Rs 1.05, or 0.33 per cent to Rs 320 per kg in four lots.
Analysts attributed the rise in copper futures trade to a firm global trend where the metal had the biggest advance in almost three weeks as a mine strike in Chile, the largest producer, helped ease concerns that global supplies of the metal will exceed demand.
Moreover, pick up in demand at the domestic markets form consuming industries, too supported the upside, they said.
Globally, copper for delivery in three month climbed 0.6 per cent to USD 4,650 a metric tonne on the London Metal Exchange in yesterday's trade.
Disclaimer: No Business Standard Journalist was involved in creation of this content
