Copper futures up on firm global cues

Buoyed by a firming global trend, copper prices rose by Rs 2.65 to Rs 406.60 per kg in futures trade today as speculators created fresh positions.

The trading sentiment in copper improved after prices of the metal rose in global markets on the back of better-than-expected US data that gave a boost to hopes that a recovery in the world's second-largest consumer will support demand for the metal.

At the Multi Commodity Exchange, April copper rose by Rs 2.65, or 0.66%, to Rs 406.60 per kg, with a business turnover of 171 lots.

In a similar fashion, the February contract moved up by Rs 2.60, or 0.65%, to Rs 402.65 per kg in 1,397 lots.

Market analysts attributed the rise in copper futures prices to the firming trend in overseas markets.

A pick-up in demand in the spot market also supported the uptrend, they said.

Meanwhile, copper for three-month delivery gained 1.4 per cent to $7,526.75 a metric tonne on the London Metal Exchange.