Copper futures recover on global cues

Copper futures prices recovered by 0.25 per cent, to Rs 374.70 per kg today, largely in tandem with better trend at the London Metal Exchange (LME) as dollar declined, raising demand for commodities amid possible labour dispute at world's fourth-largest mine in Chile.

At the Multi Commodity Exchange platform, copper delivery for November rose by Re 1, or 0.25 per cent, to Rs 374.70 per kg, with a business turnover of 18 lots.

Similarly, the metal for delivery in February also traded higher by  85 paise, or 0.21 per cent, to Rs 377.85 per kg, with a business turnover of three lots. 

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

Besides, fears of supply disruptions following a possible labour problem at Anglo American Plc's Collahuasi copper mine in Chile, the world's fourth-largest mine, also supported the rise, they said.  

Meanwhile, copper for the three-month delivery gained 0.7 per cent, to $8,354.50 a metric tonne on the LME.