Supported by a firming trend in base metals on the London Metal Exchange, copper extended yesterday's gains by rising 1.04% to Rs 418.80 per kg in futures trade today.
A fall in stockpiles of metal at Shanghai Futures Exchange warehouses also influenced the sentiment.
At the Multi Commodity Exchange, copper for delivery in far-month November rose by Rs 4.30, or 1.04%, to Rs 418.80 per kg, with a business turnover of two lots.
Similarly, contracts of the metal for June delivery gained Rs 4.05, or 1%, to Rs 407.05 per kg, with a business turnover of 56 lots. June copper contracts had closed 0.59% higher at Rs 403 per kg in the previous session.
Market analysts said the rise in copper prices in futures trade was mainly due to a firming trend on the London Metal Exchange after Goldman Sachs backed the metal's demand outlook, besides a decline in stockpiles of the metal in Shanghai Futures Exchange warehouses to the lowest level in seven months.
Meanwhile, three-month delivery copper rose 1.1% to $8,958 per tonne at the London Metal Exchange.
