Copper prices rose by Rs 2 to Rs 444.90 per kg in futures trade today as speculators created fresh positions, supported by a firming global trend.
Trading sentiment turned better after copper moved near to a more than three-months high in global markets as US President Barack Obama said that US lawmakers have reached an agreement to raise the debt limit and cut the federal deficit, averting a default tomorrow.
At the Multi Commodity Exchange, copper for November delivery rose by Rs 2, or 0.45%, to Rs 444.90 per kg, with a business turnover of 946 lots.
Likewise, the metal for August delivery edged up by Rs 1.95, or 0.45%, to Rs 438.90 per kg, with an open interest of 10,891 lots.
Market analysts said a firming trend overseas and pick-up in spot market demand mainly led to the rise in copper prices at futures trade. Meanwhile, copper for delivery in three months increased 0.7% to $9,894 a tonne on the London Metal Exchange.