Copper futures hit contract high on global cues

Continuing its record setting streak, copper futures prices rose by 0.42 per cent to hit a new high of Rs 440.40 per kg today, after it soared to an all- time high at the London Metal Exchange.

Covering-up of short positions by speculators in view of ending monthly settlement, also supported the upside in the metal prices in futures trade here.

At the Multi Commodity Exchange counter, copper for delivery in April contract gained 1.85, or 0.42 per cent to hit a contract high of Rs 440.40 per kg, with a turnover of 352 lots.

The metal for delivery in February also edged up by Rs 1.55, or 0.36 per cent to trade at a new high of Rs 437.40 per kg, with a business turnover of 4,896 lots.

It had ended 1.46 per cent higher at Rs 435.85 per kg after hitting a contract high of Rs 436.40.

Analysts said firming trend in the global markets where metal scaled to an all-time high, amid speculation that the global economic recovery will accelerate.

It will boost demand for the metals, and helped copper to trade at record high.

Globally, the three-month copper in London rose as much as 0.9 per cent to an all-time high of $9,580 a metric tonne, while at Shanghai it traded at a 41-month peak.