Copper futures up on global cues

Supported by a firm trend at global markets on signs of US economic recovery, copper futures prices today rose by 0.59 per cent to Rs 439.55 per kg.

Pick up in demand at the domestic spot markets also influenced copper futures prices here.

At the Multi Commodity Exchange counter, copper delivery for February edged up by Rs 2.60, or 0.59 per cent, to Rs 442.15 per kg, with a business turnover of nine lots.

Similarly, the metal for delivery in April traded higher by Rs 2.55, or 0.58 per cent, to Rs 445.10 per kg, with a business turnover of 12 lots.

Analysts said reports that copper jumped to a record in New York, on speculation that supply will lag behind demand as the global economic recovery gathers pace and firming trend at the spot markets mainly influenced metal prices at futures trade here.

Meanwhile, copper in New York gained as much as 0.7 per cent to $4.4795 a pound, the highest ever level.