Copper gains in futures trade

NEW DELHI: Continuing its upward march, copper futures prices rose 0.22 per cent to Rs 447.40 per kg today, taking positive cues from global markets on expectations of pick up in demand.

Market analysts said speculation demand will outpace supply, as the global economy extends a recovery and the decline in dollar supported the upside in copper futures prices here.

At the Multi Commodity Exchange, copper delivery for February edged up by Re 1, or 0.22 per cent, to Rs 447.40 per kg, with a business turnover of 29 lots. It ended 0.77 per cent higher at Rs 446.40 per kg in the previous session.

Similarly, the metal for delivery in April traded higher by 95 paise, or 0.21 per cent, to Rs 450.05 per kg, with a business turnover of two lots.

Meanwhile, at the London Metal Exchange, copper for three -month delivery rose as much as 0.3 per cent to USD 9,725 per tonne. The metal had reached a record USD 9,754 per tonne on January 4.

At Shanghai Futures Exchange, the metal rose 0.6 per cent to a two-week high of 72,420 yuan (USD 10,997) per tonne.