Copper futures rise on spot demand, global cues

NEW DELHI, June 28: Copper futures traded 0.03 per cent higher at Rs 453.60 per kg today as speculators enlarged their positions amid a firming trend at the domestic spot markets.

Moreover, covering-up of short positions ahead of June month’s expiry too influenced the metal’s prices.

In futures trade, copper for delivery in current month was trading higher by 15 paise, or 0.03 per cent, at Rs 453.60 per kg in a business turnover of 430 lots at the Multi Commodity Exchange.

Similarly, the metal for delivery in far-month August edged up by 10 paise, or 0.02 per cent, to Rs 459.95 per kg in 57 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 Shanghai Futures Exchange too supported the upside.

Meanwhile, copper for the most-traded August month contract was up 0.3 per cent at 51,730 yuan (USD 7819.40) per tonne, while at the London Metal Exchange (LME), it ruled flat at USD 6,692 per tonne. (PTI)