Copper futures scale record high, up 0.95% on global cues

Copper futures rose by 0.95 per cent to close at a record high of Rs 415.85 per kg at the Multi Commodity Exchange today even as the metal climbed a fresh peak on the London Metal Exchange (LME) on the back of increased imports by China, the world's largest consumer.

At the MCX, copper for February delivery rose by Rs 4, or 0.95 per cent, to a record high of Rs 415.95 per kg, with a business turnover of 250 lots.

Similarly, the metal for delivery in April traded higher by Rs 3.85, or 0.93 per cent, to Rs 417.90, a new high, with a business turnover of 2,743 lots.

A pick-up in demand in spot markets also influenced copper futures prices here.

Analysts said a firming trend on the London Metal Exchange, where copper climbed to record high of $9,103 per tonne, buoyed by strong Chinese macroeconomic and output data and shrinking LME stockpiles, mainly supported the upside in futures prices of the metal.

At the Shanghai Futures Exchange, copper for March delivery  gained as much as 1.5 per cent to 68,810 yuan ($10,331) a tonne.