Copper moves up in trade on global cues

Copper prices recovered by 0.58% to Rs 422.25 per kg in futures trade today as speculators created fresh positions at prevailing levels amid a firming trend overseas.

At the MCX, the June delivery traded higher by Rs 2.35, or 0.58%, to Rs 422.25 per kg, with a business turnover of 9,149 lots.

The August contract traded higher by Rs 2.35 to Rs 426.65 per kg, with a business turnover of 546 lots.

Market analysts said that fresh buying by speculators was in tandem with a firming global trend after Japan, the world's third biggest economy, raised its assessment of the economy for the first time in nine months.

Globally, copper for three-month delivery rose 0.6% to $7,696.75 a tonne on the London Metal Exchange.

The metal prices fell 4% this week.