Copper futures rebound on overseas trend

Copper prices rebounded by Rs 6.05 or 2.01 per cent to Rs 307.50 per kg in futures trade today on emergence of fresh buying amid a firming global trend.

Good demand for the metal at the domestic markets also supported the upside in the copper prices at futures market here.

On the Multi Commodity Exchange platform, copper for November-month contract recovered by Rs 6.05, or 2.01 per cent to Rs 307.50 per kg, with an open interest of 85 lots.

The metal for delivery in June contract also gained Rs 5.40, or 1.81 per cent to Rs 303.50 per kg, with a business volume of 25,246 lots.

 

Market analysts said recovery at the London Metal Exchange and fresh buying by traders mainly led to a recovery in copper prices at futures market.

Meanwhile, copper for three-month delivery advanced to $6,560 per metric tonne on the London metal Exchange.

The metal plunged 6.6 per cent yesterday, the most since January 2009.