Copper futures recover on global cues

Copper futures prices rose by 0.54 per cent, to Rs 374.90 per kg today, largely in tandem with better trend at the London Metal Exchange (LME), as dollar weakened, raising demand for commodities.

At the Multi Commodity Exchange platform, copper delivery for November rose by Rs 2, or 0.54 per cent, to Rs 374.90 per kg, with a business turnover of 3,949 lots.

Similarly, the metal for delivery in February, also traded higher by Rs 1.85, or 0.48 per cent, to Rs 376.65 per kg, with a business turnover of 273 lots.

Analysts said reports of firming trend at overseas markets as dollar wakened, raising appeal of commodities as an alternative investment, mainly influenced the copper futures here.

Meanwhile, copper for the three-month delivery gained 0.7 per cent, to $8,366 a metric tonne on the LME.