Copper futures recover on global cues

NEW DELHI: Copper regained strength to trade 0.50 per cent higher in futures trade today in tandem with gains at the London Metal Exchange (LME) on expectations of global supply deficit.

Pick up in demand at the domestic spot markets also supported the recovery in copper futures here.

At the Multi Commodity Exchange, copper delivery for February edged up by Rs 2.50, or 0.50 per cent, to Rs 445.20 per kg, with a business turnover of 23 lots.

It had lost 0.80 per cent to Rs 443 per kg in the previous session.

Similarly, the metal for delivery in April traded higher by Rs 1.90, or 0.43 per cent, to Rs 447.60 per kg, with a business turnover of eight lots.

Market analysts attributed the recovery in copper futures to expectations of global supply deficit this year.

Meanwhile, the three-month copper at the LME gained as much as 0.4 per cent, to USD 9,670 per tonne.