Copper rises on global cues, firm demand

Buoyed by a firming trend in global markets and a pick up in domestic demand, copper futures prices rose by 0.25% to Rs 417.70 per kg today.

Sentiment bolstered as copper gained in the overseas markets amid speculation that the European Central Bank will do more to contain the debt crisis after the Federal Reserve pledged additional support for the US economy if necessary, raising hopes of improved demand, traders said.

At the Multi Commodity Exchange, copper for delivery in August rose by Rs 1.05, or 0.25%, to Rs 417.70 per kg in a business turnover of 20,992 lots.

November copper moved up by 85 paise, or 0.20%, to Rs 423.50 per kg in 1,637 lots.

Meanwhile, copper for delivery in three months climbed 0.6% to $7,466 a tonne on the London Metal Exchange.