Copper futures rise on spot demand, global cues

NEW DELHI, May 17: Copper futures traded 0.08 per cent higher at Rs 462.20 per kg today as speculators enlarged their positions on firming trend at the domestic spot markets amid positive global cues.
In futures trade, copper for delivery in June was trading higher by 35 paise, or 0.08 per cent, at Rs 462.20 per kg in a business turnover of 459 lots at the Multi Commodity Exchange.
Similarly, the metal for delivery in far-month August edged up by 25 paise, or 0.05 per cent, to Rs 466.10 per kg in 2 lots.
Market analysts said a better trend in base metals at the domestic spot markets on pick-up in demand from consuming industries influenced copper futures here.
The metal’s strength at the London Metal Exchange (LME), spurred by a retreat in the US dollar from a five-month highs against a basket of major currencies, too supported the upside.
Meanwhile, copper for delivery in three months was up 0.5 per cent to USD 6,859 per tonne at the LME. (PTI)

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