Copper futures prices rose by 0.10 per cent today, to trade at contract high of Rs 431.80 per kg, as speculators enlarged their positions after the metal climbed to a record at the London Metal Exchange (LME) on drop in metal's stockpiles.
Firm demand at the domestic spot market from consuming industries also influenced copper futures prices.
At the Multi Commodity Exchange counter, copper delivery for February edged up by 65 paise, or 0.10 per cent to trade at contract high of Rs 431.80 per kg, with a business turnover of 4,464 lots. It ended 0.40 per cent higher at Rs 431.15 per kg after a contract high of Rs 431.50 per kg in the previous session.
Similarly, the metal for delivery in April traded higher by 45 paise, or 0.09 per cent, to Rs 434 per kg, with a business turnover of 277 lots.
Market analysts said reports of firm trend in copper at the LME where it gained one per cent to hit record high of $9,437.50 a tonne on declining stockpiles, influenced metal prices at futures trade here.
Meanwhile, copper's stockpiles monitored by the Shanghai Futures Exchange dropped 7,410 tons to 120,426 tonnes last week, the biggest decrease since the week ending September 9, boosting the demand outlook in China.
At the LME warehouses, inventories are down 26 per cent this year, for the first annual decline since 2004.