Extending yesterday's gains, copper prices shot up by 0.92% to Rs 393.05 per kg in futures trade today, supported by a firming trend on the London Metal Exchange and better demand in the domestic spot market.
At the Multi Commodity Exchange, copper for delivery in November rose by Rs 3.60, or 0.92%, to Rs 393.05 per kg, with an open interest for 8,364 lots.
In a similar fashion, the metal for delivery in far-month February gained Rs 3.40, or 0.86%, to Rs 397.55 per kg in 725 lots.
Globally, copper for three-month delivery jumped by 1.5% to $8,033 a tonne on the London Metal Exchange.
Market analysts attributed the persistent rise in copper in futures trade to a firming trend in industrial metals on the London Metal Exchange after the European Central Bank unexpectedly cut borrowing costs, boosting prospects for metal demand.
In addition, a decline in stockpiles of the metal monitored by the LME, Comex and Shanghai Futures Exchange supported the upside in copper futures prices, they said.
Inventories have fallen to 576,873 tonnes, their lowest level since January.
