Copper recovers in trade on global cues

Buoyed by firming global trend, copper prices rose by Rs 2.10 to Rs 422 per kg in futures trade today as speculators created fresh positions.

Better demand at spot markets for the metal from consuming industries at spot markets also influenced the trading sentiment.

At the MCX, the June delivery rose by Rs 2.10, or 0.74%, to Rs 422 per kg in business turnover of 7,122 lots.

The August contract moved up by Rs 3.10, or 0.73%, to Rs 426.15 per kg in 622 lots.

Analysts said fresh buying by speculators in tandem with a firming global trend on optimism that the Federal Reserve may do more to stimulate the US economy mainly led to recovery in copper prices at futures trade.

Meanwhile, copper for three-month metal rose 1% to $7,723 a tonne on the London Metal Exchange.