Copper up 0.59% on overseas cues

MCX copper up over 0.5%

Copper prices rose by 0.59 % to Rs 420.10 per kg in futures trade today after speculators enlarged their positions on positive cues from global markets.

At the Multi Commodity Exchange, copper for delivery in June edged up by Rs 2.45, or 0.59 %, to Rs 420.10 per kg, with a turnover of 4,286 lots

The metal for delivery in August was up by Rs 2.35, or 0.56 %, at Rs 424.85 per kg, with a trade volume of 3,211 lots.

Meanwhile, copper for three-month delivery jumped as much as 1.7 %, the most since June 15 to USD 7,492 per tonne at the London Metal Exchange (LME) in early trade today.

Market analysts attributed the rise in copper futures to a firming trend at the LME after Euro-area leaders agreed to drop the condition that emergency loans to Spanish banks give their governments preferred creditor status, boosting demand outlook for the metal.

A weaker dollar overseas also helped boost the appeal of the metal as an alternative investment, they said.