Global cues, spot demand lift copper futures by 0.86%

Copper prices rose 0.86 per cent to Rs 416.95 per kg in futures trade on Wednesday as speculators built positions amid positive global cues and pick up in spot demand in New Delhi.

At the Multi Commodity Exchange, copper for delivery in February rose Rs 3.55, or 0.86 per cent, to Rs 416.95 per kg in a business turnover of 3,687 lots.

Analysts attributed the rise in prices to a firm global trend where the metals strengthened, buoyed by a report that top metals consumer China would try to boost spending on autos and home appliances this year, as well as signs of progress in Sino-U.S trade talks.

Globally, three-month copper on the London Metal Exchange (LME) rose 0.9 per cent to USD 5,959.50 per tonne.