Copper futures rise on global cues, spot demand

NEW DELHI, June 13:  Buoyed by a firm global trend and increased domestic demand, copper prices rose 1.01 per cent to Rs 403.70 per kg in futures trade today.
At the Multi Commodity Exchange, copper for delivery in August traded higher by Rs 4.05, or 1.01 per cent, to Rs 403.70 per kg in a business turnover of 248 lots.
Similarly, the metal for delivery in June edged up by Rs 3.85, or 0.97 per cent, to Rs 399.65 per kg in 1,906 lots.
Analysts said a firming trend at the London Metal Exchange (LME) as some physical demand outweighed concerns that a warehousing probe at China’s Qingdao port will curb demand for the metal, influenced copper futures here.
The contract for delivery in three months on the London Metal Exchange rose 0.4 per cent to USD 6,643.25 per tonne.
Meanwhile, copper for delivery in three months climbed 0.4 per cent to USD 6,643.25 per tonne at the LME.
At Shanghai Futures Exchange, the metal for August delivery rose 0.10 per cent to 47,510 yuan (USD 7,639) a tonne. (PTI)


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