Copper futures rise on global cues

Buoyed by a firming trend in global markets, copper futures prices rose by 0.29 per cent to Rs 428.45 per kg today as speculators enlarged positions.

At the Multi Commodity Exchange, copper for delivery in November rose by Rs 1.25, or 0.29 per cent, to Rs 428.45 per kg, with a business turnover of 3,846 lots.

Similarly, the metal for delivery in February moved up by Rs 1.20, or 0.28 per cent, to Rs 432.95 per kg in 237 lots.

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Marketmen said a firming trend overseas after the first contraction in manufacturing in nine months in China spurred speculation the government will bring more stimulus and the US Federal Reserve indicated further action will be taken, raising demand outlook for the metals, influenced copper prices at futures trade here.

Besides, pick-up in demand at the domestic spot market also supported the upside, traders said.

Meanwhile, copper for the metal for delivery in three months traded 0.3 per cent higher at USD 7,638.50 a tonne on the London Metal Exchange.