NEW DELHI, May 22: 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 per cent, 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 per cent, 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 per cent to USD 6,252 a metric tonne at the London Metal Exchange. (PTI)
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