Copper moves up on global cues

The February delivery edged up by 85 paise, or 0.2%, to Rs 429 per kg

Amid firm global trend and pick up in domestic demand, copper prices moved up by 0.21% to Rs 422.90 per kg in futures trade today.

At the Multi Commodity Exchange, the November copper moved up by 90 paise, or 0.21%, to Rs 422.70 per kg, with a business turnover of 5,016 lots.

The February delivery edged up by 85 paise, or 0.20%, to Rs 428.85 per kg, with a business turnover of 546 lots.

Marketmen said besides pick up in demand from consuming industries in the spot market, a firm global trend influenced copper prices at futures trade here.

A strong trend was seen overseas after US President Barack Obama expressed confidence in a budget agreement with Congress and data showed home prices in China -- the biggest consumer of the metal -- climbed in more cities in October than the previous month.

Meanwhile, copper for delivery in three-month rose by 1.1% to $7,689 a tonne on the London Metal Exchange.