Reported that tracking a firm global trend, copper futures prices rose by 0.61% to INR 446.85 per kilogram as speculators created fresh positions. Besides, rising demand at spot markets also influenced metal prices.
Analysts said that the rise in copper prices at futures trade was largely on the back of a weakening trend at the London Metal Exchange after data showed China's manufacturing may expand at a faster pace, adding to signs that demand in the world's largest metal consumer is recovering. Further, pick up in demand at spot markets also supported the upside.
At the Multi Commodity Exchange, the February contract traded higher by INR 2.70 or 0.61% to INR 446.85 per kilogram in business turnover of 5,156 lots. Likewise, the April contract edged up by INR 2.60 or 0.58% to INR 451.10 per kilogram with a business turnover of 250 lots. Meanwhile, copper for delivery in three months climbed 0.3% to USD 8,100 per tonne at the LME.
