Copper rises on global cues

Buoyed by a firming trend in global markets and pick up in domestic demand, copper prices rose by Rs 2.85 to Rs 428.55 per kg in futures trade today.

Sentiment bolstered as copper gained for a second day in overseas markets after US new-home construction rose at the fastest pace in almost four years and orders to withdraw the metal in Asia jumped, signalling improving demand.

At the Multi Commodity Exchange, the August contract for copper rose by Rs 2.85, or 0.67%, to Rs 428.55 per kg in business turnover of 19,660 lots.

The November contract November moved up by Rs 2.80, or 0.65%, to Rs 432.95 per kg in 1,338 lots.

Market analysts attributed the rise in copper futures to a firming trend in base metals in global markets and pick up in domestic demand.

Meanwhile, copper for the metal for delivery in three months climbed 0.5% to $7,678.50 a metric tonne on the London Metal Exchange.