Copper recover by 0.1% on global cues; spot demand

Copper prices rose by 0.14% to Rs 405.30 per kg in futures trade today as speculators enlarged positions after metal rebounded from 20-month low in the global market amid pick-up in spot demand.

At the Multi Commodity Exchange, copper for delivery in June edged up by 55 paise, or 0.14%, to Rs 405.30 per kg in business turnover of 3,7973 lots.

Likewise, copper for delivery in August traded higher by 45 paise, or 0.13%, to Rs 410.45 per kg in 256 lots.

Market analysts attributed the rise in copper futures to a recovery in the global market where it rebounded from the lowest level in 20 months after China's central bank was said to have made funds available to lenders amid a cash crunch.

Also, pick-up in demand in the spot market further fuelled the uptrend, they said.

Meanwhile, copper rose 0.7% to $6,817 a tonne on the London Metal Exchange, after dropping to $6,692, the lowest since October 2011.