Copper recovers on global cues

Demand leads to 0.42% rise in prices

Pick up in demand supported by a firm trend in the overseas market helped copper prices to rise by 0.42% to Rs 421.70 per kg in futures trade today.

At the Multi Commodity Exchange, copper for delivery in August traded Rs 1.75, or 0.42% higher at Rs 421.70 per kg, with a turnover of 1,470 lots.

The metal for delivery in November contract was up Rs 1.70, or 0.40%, at Rs 426.75 per kg, with a trade volume of 87 lots.

Globally, three-month delivery for copper rose 1.1% to $7,485 per tonne at the London Metal Exchange (LME) while the metal for November contract was up 0.40% to 54,610 yuan ($8,600) per tonne on the Shanghai Futures Exchange in early trade.

Market analysts attributed the rise in copper futures to a recovery in the metal at the LME after better-than-expected July manufacturing output in China.