NEW DELHI, May 4: Copper futures traded a shade higher at Rs 362.50 per kg today as participants enlarged positions, largely on the back of pick-up in spot demand, even as the metal weakened overseas.
At the Multi Commodity Exchange, copper for June contract was trading up by 25 paise, or 0.07 per cent at Rs 362.50 per kg with a turnover of 1,510 lots.
The metal for delivery in August also rose by a similar margin to quote at Rs 366.30 per kg in 12 lots.
Globally, copper for three-months delivery ended down 3.5 per cent at USD 5,600 per tonne on the London Metal Exchange (LME) in yesterday’s trade after a jump in inventories increased worries about an economic slowdown in China, the world’s largest consumer of the metal.
Also manufacturing PMI data from China this week has come below expectations, raising concerns about Chinese demand.
Market analysts attributed the rise in copper futures trade to a firming trend in the base metals at the domestic spot markets on pick-up in demand but a weak trend in metal overseas, capped the gains. (PTI)
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