Copper futures recover on global cues

Supported by a firming trend in the base metals at the London Metal Exchange (LME) and pick-up in domestic demand, copper traded higher by 0.75% in futures trade today.

At the Multi Commodity Exchange, copper for delivery in June edged up by Rs 3, or 0.75%, to Rs 405 per kg, with a business turnover of 4,661 lots. It had closed 0.60% lower at Rs 402 per kg.

Similarly, the metal for delivery in August traded Rs 2.85 higher at Rs 409.95 per kg, with an open interest of 600 lots.

Market analysts attributed the recovery in copper futures prices to a firming trend at the LME as dollar weakened, raising demand for commodities.

 

Meanwhile, copper for three-month delivery gained 1.1% to $9,055 a tonne on the LME.