Copper futures up 0.34% on strong Asian cues

NEW DELHI: Buoyed by a firming trend in Asian region and a pick-up in domestic demand, copper prices today rose by 0.56 per cent in futures trade.

At the Multi Commodity Exchange, copper for delivery in August rose by Rs 2.30, or 0.56 per cent, to Rs 415.30 per kg, with a turnover of 746 lots.

Similarly, the metal for delivery in June wasup by Rs 2.25, or 0.55 per cent, at Rs 410.35 per kg, with a trade volume of 5,748 lots.

In the Asian region, copper for the most-active Setpember contract recovered by 1.4 per cent to 53,480 yuan (USD 8,400) a tonne after hitting a fresh 2012 low of 52,330 yuan yesterday on the Shanghai Futures Exchange today.

Market analysts attributed the rise in copper futures trade to a firming trend at the Shanghai Futures Exchange today on hopes that policymakers from the Group of Seven leading industrialised powers will work out measures to ease the euro-zone debt crisis.

Meanwhile, the London Metal Exchange is closed for the Diamond Jubilee Holiday on June 4 and June 5.