Copper futures rise on positive global cues

NEW DELHI: Taking positive cues from overseas markets and increased domestic demand, copper prices recovered by 0.85 per cent to Rs 409.35 per kg in futures trade today as speculators enlarged their positions.

At the Multi Commodity Exchange, copper for delivery in June gained Rs 3.45, or 0.85 per cent, to Rs 409.35 per kg, with a business turnover of 24,602 lots.

Likewise, the metal for delivery in far-month August traded higher by Rs 3.25, or 0.79 per cent, to Rs 414.20 per kg in 1,667 lots.

Analysts said firming trend at the London Metal Exchange (LME) mainly led to a rise in copper prices at futures trade.

In addition, a firming trend at the domestic spot markets also influenced prices, they said.

Meanwhile, copper climbed 0.5 per cent to USD 7,397.50 a tonne at the LME. The LME reopened after two days of public holidays.