Copper futures up on firm global cues

Copper showed some strength with prices rising by 0.27% to Rs 407 per kg in futures trade today, as speculators enlarged their positions supported by a rise in metal prices at the London Metal Exchange (LME).

At the Multi Commodity Exchange,  June copper rose by Rs 1.10, or 0.27%, to Rs 407 per kg, with a business turnover of 5 lots.

The February delivery moved up by 45 paise, or 0.11%, to Rs 399.50 per kg in 13,366 lots.

Market analysts attributed the rise in copper futures prices to the firming trend in metal at the LME, where metal rebounded from a one-week low, as German Chancellor Angela Merkel and French President Nicolas Sarkozy outlined the increased pace of their response to contain the debt crisis.

Meanwhile, copper for three-month delivery gained 0.8% to $7,559 a tonne at the LME.