Copper futures up 0.56 pc on global cues

NEW DELHI: Buoyed by a firming trend overseas and pick-up in spot demand, copper futures prices recovered by 0.56 per cent to Rs 413.90 per kg today.

At the Multi Commodity Exchange, copper for delivery in April rose by Rs 2.30, or 0.56 per cent, to Rs 413.90 per kg, with a business volume of 163 lots.

Similarly, the metal for delivery in February gained Rs 2.25, or 0.55 per cent, to Rs 407.05 per kg, with a trade turnover of 2,236 lots.

Copper for three-month delivery shot up by 0.5 per cent to USD 7,446 a tonne on the London Metal Exchange (LME), while at Shanghai Futures Exchange gained 1.5 per cent to 54,570 yuan (USD 8,611) per tonne.

Market analysts attributed the rise in copper futures prices to a firming trend on the LME as an expansion in China's manufacturing raised hopes that demand for industrial metals will increase in the world's second-largest economy.