Copper futures gain slightly on global cues

NEW DELHI: Copper prices moved up by Rs 2.05 to Rs 369.10 per kg in futures trade on Thursday, supported by a firming trend overseas amid pick up in domestic demand.

At the Multi Commodity Exchange platform, copper for November-month contract rose by Rs 2.05, or 0.56 per cent, to Rs 369.10 per kg, with a business turnover of five lots.

Similarly, the metal for delivery in February gained Rs 1.70, or 0.53 per cent to Rs 370.95 per kg, with an open interest of seven lots.

Analysts said sentiment boosted after copper climbed to trade at almost 27-month high in global markets as US employment data added to signs the Federal Reserve may expand credit-easing measures to spur growth, weakening the dollar and boosting demand for alternative assets.

Meanwhile, three-month coppers rose 0.5 per cent to USD 8,300 a metric tonne at the London Metal Exchange, a level last seen in July 2008.