Copper rises in futures trade on global cues

Copper futures prices rose one per cent today, as speculators engaged in building up fresh positions, driven by a firming trend at the London Metal Exchange (LME) on expectations of rise in demand.   

Analysts said sentiment turned better as the metal strengthened at the LME after US new-home sales topped estimates and the Federal Reserve maintained stimulus efforts, bolstering the demand outlook for base metals.

Besides, covering-up of short positions also supported the upside in copper futures here, they said.    

At the Multi Commodity Exchange, copper delivery for January edged up by Rs 4.35, or one per cent, to Rs 438.85 per kg, with a business turnover of two lots.

Similarly, the metal for delivery in February traded higher by Rs 3.50, or 0.82 per cent, to Rs 432.80 per kg, with a business turnover of 25 lots.    

It ended 2.3 per cent lower at Rs 429.30 per kg in the previous session. Meanwhile, at the LME, copper for three-month delivery gained as much as 1.3 per cent to $9,447.75 a metric tonne.