Copper futures strengthens on global cues

In futures trade, copper prices rose by 0.57 per cent to Rs 432 per kg at the Multi Commodity Exchange counter today after the metal soared to record high at the London Metal Exchange (LME) on weakening dollar.

Besides, covering-up of short positions by speculators ahead of monthly expiry and rising demand at the domestic spot market, influenced copper futures prices.

At the Multi Commodity Exchange counter, copper delivery for December edged up by Rs 2.45, or 0.57 per cent, to Rs 432 per kg, with a business turnover of 4,836 lots.

Similarly, the metal for delivery in April traded higher by Rs 2.10, or 0.49 per cent, to Rs 434.60 per kg, with a business turnover of 362 lots.

Market analysts said reports of firm trend in copper at the LME, where the metal prices surged by 0.7 per cent to new high of USD 9,466 per tonne as weakening dollar raised its appeal and a decline in global stockpiles influenced copper futures prices here.