Copper futures up on global cues

NEW DELHI: Copper prices moved up by 0.71 per cent to Rs 419.85 per kg in futures trade on Tuesday as speculators created fresh positions largely on firm global cues.

At the Multi Commodity Exchange, copper for delivery in June traded higher by Rs 2.95, or 0.71 per cent, to Rs 419.85 per kg in business turnover of 5,734 lots.

Likewise, the metal for delivery in August contracts edged up by Rs 2.80, or 0.62 per cent, to Rs 425.10 per kg in 487 lots.

Analysts attributed the rise in copper futures to a firm global trend amid concern that a disruption at Freeport- McMoRan Copper and Gold Inc's Grasberg mine in Indonesia will cut output.

Meanwhile, copper climbed 0.9 per cent to $ 7,223.25 a tonne on the London Metal Exchange.