Staging a comeback, copper futures rose by 1.69% to trade at Rs 406.10 per kg today on the back of covering-up of short positions at prevailing levels even as the metal weakened at the London Metal Exchange (LME).
At the Multi Commodity Exchange, copper for August delivery recovered by Rs 6.75, or 1.69%, to Rs 406.10 per kg, with a turnover of 24,761 lots.
Likewise, the metal for November delivery gained Rs 5.90, or 1.46%, to Rs 410.65 per kg, with a turnover of 1,885 lots. It had ended 2.5% down at Rs 399.35 per kg in the previous session.
Market analysts said covering-up of pending positions helped copper to trade higher at futures trade.
However, a weakening trend at the LME, where the metal dropped to its lowest level in more than a month after Standard & Poor's cut the US long-term credit rating, fueled concerns that an economic slowdown in the US, the second-largest consumer of the metal, will reduce demand.