Copper up 0.67% on global cues

Better-than-expected machinery orders from Japan, fall in stockpiles at SHFE added gains to the metal

Buoyed by a firming trend in global markets and pick-up in domestic demand, copper prices today rose by 0.67% in futures trade.

At the MCX, copper for delivery in June rose by Rs 2.75, or 0.67%, to Rs 413.55 per kg, with a turnover of 12,546 lots.

The August contract was up by Rs 2.40, or 0.58%, at Rs 418.25 per kg, with a trade volume of 727 lots.

Globally, copper advanced by 0.4% to $7,421.50 a tonne on the London Metal Exchange in early trade today, while at Shanghai bourse it climbed 0.2% to 53,860 yuan ($8,453) per tonne.

Market analysts attributed the rise in copper futures to a firming trend at the LME on better-than-expected Japan's machinery orders and declining stockpiles at the Shanghai Futures Exchange's warehouses.