Copper futures up on spot demand

Supported by a firming trend in the spot market on pick-up in demand, copper prices rose by 0.45% to Rs 424.25 per kg in futures trade today.

However, weak trend in base metals at the London Metal Exchange on demand concerns, after manufacturing in China and the US expanded at slower pace, capped the gains.

At the Multi Commodity Exchange, copper for delivery in August rose by Rs 1.90, or 0.45% to Rs 424.25 per kg, with a business turnover of three lots.

Similarly, the metal for delivery in June gained Rs 1.80, or 0.43%, to Rs 418.80 per kg, with an open interest of eight lots.

Market analysts said the gains in copper futures was mostly due to a firming trend at the spot market on pick-up in demand but losses in copper and other base metals at the London Metal Exchange on demand concerns, restricted gains.

Meanwhile, copper for three-month delivery at the LME shed 1.1% to $9,219.75 a metric tonne.

(Source: http://www.business-standard.com/india/news/copper-futures-upspot-demand/133826/on)