MUMBAI (Commodity Online): Copper prices moved slightly up on Wednesday in the domestic futures market on the back of fresh buying by speculators due to firming global sentiments driven by weak US dollar.

MCX copper April contract gained Rs 2.65 or 0.78% to Rs 340.50 per kg with an open interest of 22,052 lots. It ended 0.6% higher at Rs 337.85 per kg in the previous session. June contract also edged up by Rs 2.55 or 0.75% to Rs 342.10 per kg in an open interest of 2,582 lots.

The LME 3-month forward copper traded sideways during the day, as the market factors were non supportive, while turned up in evening. Prices ticked up by 1.37% to $7,405 per tonnes.

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The London Metal Exchange maintained Copper inventory saw an outflow of 3,150 tonnes to closing levels of 528,050 tonnes. The cancelled warrants ratio, material earmarked for delivery moved lower to 0.044 from prior day’s levels of 0.049.

As per the Central bank data, Chile's copper exports totaled $2.74 billion in February compared with $1.43 billion in the same month the previous year. The value of Chile's copper exports totaled $3.37 billion in January, the central bank reported last month. Chile is the world's top copper producer, mining about a third of global supply.

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