Copper futures surge 0.54% on strong global cues

Buoyed by a firming trend overseas and a pick-up in spot demand, copper prices recovered by 0.54% to Rs 410.60 per kg in futures trade today.

At the Multi Commodity Exchange, copper for delivery in February rose by Rs 2.20, or 0.54%, to Rs 410.60 per kg, with a business volume of 6,671 lots.

In a similar fashion, the metal for delivery in April gained Rs 2.10, or 0.51%, to Rs 414.40 per kg, with a trade turnover of 425 lots.

Globally, copper for three-month delivery jumped up by 0.9% to $7,906 a tonne on the London Metal Exchange (LME).

 

Market analysts attributed the rise in copper in futures trade to a firming trend on the LME on speculation that European leaders will step up their efforts to contain the sovereign-debt crisis at a two-day summit, boosting the demand outlook for base metals.