Copper extend gains in futures trade on global cues

Copper futures extended its upward march today and traded 0.20 per cent higher at Rs 442.80 per kg, after it climbed to record high at the London Metal Exchange (LME) on hopes that recovery in global economy would boost demand for the metals. 

Strong demand at the spot market also supported the upside in copper futures prices here. 

At the Multi Commodity Exchange counter, copper delivery for February edged up by Rs 2, or 0.20 per cent, to Rs 442.90 per kg, with a business turnover of 13 lots.

Similarly, the metal for delivery in April traded higher by 80 paise, or 0.18 per cent, to Rs 445.90 per kg, with a business turnover of seven lots. 

Market analysts said reports that copper continued its record-breaking rally overseas with prices rising to yet another high on expectations that recovery in global economy would boost demand for the metals and other commodities influenced metal prices at futures trade here.

Meanwhile, three-month copper at the LME gained as much as 1.3 per cent, to $9,728 a ton, a record high.