Copper up 0.44% on overseas cues

Speculators increased positions on positive cues

Copper prices rose by 0.44% to Rs 414.55 per kg in futures trade today after speculators enlarged their positions, taking positive cues from global markets.

At the MCX, copper for delivery in June edged up by Rs 1.80, or 0.44%, to Rs 414.55 per kg, with a turnover of 5,846 lots.

The metal for delivery in August was up by Rs 1.75, or 0.43%, at Rs 419.35 per kg, with a trade volume of 696 lots.

Meanwhile, copper for three-month delivery rose 0.9% to $7,488 per tonne at the London Metal Exchange (LME) in early trade today.

Market analysts attributed the rise in copper futures to a firming trend at the LME on speculation that global policy makers will take steps to counter Europe's debt crisis and slowing growth, boosting demand for the metal.

A weaker dollar overseas also helped boost the appeal of the metal as an alternative investment, they said.