Copper remains up in futures trade on global cues

Speculators indulge in enlarging positions amid firming trend at LME

Copper prices today rose by 0.24%, to Rs 424.10 per kg in futures trade as speculators indulged in enlarging their positions amid a firming trend at the London Metal Exchange (LME).

At the Multi Commodity Exchange, the August contract for copper rose by Re 1, or 0.24%, to Rs 424.10 per kg, with a turnover of 12,013 lots.

The November contract gained 95 paise, or 0.23%, to Rs 428.65 per kg, with a business turnover of 635 lots.

Globally, copper for three-month delivery rose by 1.20% to $7,684.75 per tonne at the LME.

Marketmen attributed the rise in copper futures trade to a firming trend in global markets on US stimulus speculation and a pickup in domestic demand.