Copper rises on global cues

The 3-month contrct was up 0.4% to $7,475 a tonne on the London Metal Exchange

Copper prices rose by Rs 1.20 to Rs 416.15 per kg in futures trade today as speculators created fresh positions, tracking a firm global trend.

Copper rose in global markets after the US building permits climbed to a four-year high, indicating demand may improve from the second-largest user.

At the Multi Commodity Exchange, copper for delivery in August rose by Rs 1.20, or 0.29%, to Rs 416.15 per kg, with a business turnover of 12,672 lots.

The November contract traded higher by Rs 1.15, or 0.27%, to Rs 421.80 per kg, with a business turnover of 1,018 lots.

Marketmen attributed the rise in copper futures to a firm global trend and increased demand in the spot market.

Meanwhile, copper for delivery in three months advanced 0.4% to $7,475 a tonne on the London Metal Exchange.