Copper futures gain on firm global cues

NEW DELHI: Buoyed by a firming global trend on expectations of demand-supply gap, copper futures prices rose by 0.21 per cent today, as speculators created positions.

Analysts said sentiment at futures trade turned better after the metal strengthened at the London Metal Exchange (LME) and Shanghai on expectations that supplies will not keep pace with demand, as mining companies struggle to boost output.

At the Multi Commodity Exchange, copper delivery for February edged up by Re 1, or 0.21 per cent, to Rs 459.30 per kg, with a business turnover of nine lots.

Besides, pick up in demand at the spot market also supported the upside, they said.

Similarly, the metal for delivery in April traded higher by 80 paise, or 0.17 per cent, to Rs 463.20 per kg, with an open interest of two lots.

Meanwhile, at the LME, copper for three-month delivery gained as much as 1.1 per cent to USD 10,045 a metric tonne.