NEW DELHI, July 2: Copper prices rose 0.16 per cent to Rs 374.55 per kg in futures trade today as speculators enlarged positions after base metals strengthened in the global market amid pickup in spot demand.
At the Multi Commodity Exchange, copper for delivery in August edged up by 60 paise, or 0.16 per cent, to Rs 374.55 per kg in a business turnover of 621 lots.
Likewise, the metal for delivery in November traded higher by 55 paise, or 0.14 per cent, to Rs 381.30 per kg in 621 lots.
Analysts attributed the rise in copper futures to a firming trend in copper and other base metals in the global market after data showed US factory activity and construction spending rose, pointing to improve in demand in the world’s second-biggest metals user.
Also, pickup in demand at the spot market further fuelled the uptrend, they said.
Meanwhile, copper for delivery in three months rose 0.3 per cent to USD 5,791.50 a tonne on the London Metal Exchange, while the metal for delivery in September in Shanghai gained 0.7 per cent to 42,280 yuan (USD 6,818) per tonne. (PTI)
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