Copper futures prices rose by 0.18 per cent to Rs 426.35 per kg today largely on the back of covering-up of short positions by speculators ahead of monthly expiry even as the metal softened at the London Metal Exchange (LME) in subdued pre-holiday trade.
At the Multi Commodity Exchange counter, copper delivery for February edged up by 75 paise, or 0.18 per cent, to Rs 426.35 per kg, with a business turnover of eight lots.
The metal for delivery in April traded higher by 65 paise, or 0.15 per cent, to Rs 428.50 per kg, with an open interest of seven lots.
Market analysts said apart from covering-up of short positions by speculators, strong spot demand supported the surge in copper futures prices, but weak trend at the LME as tightened credit in China and ample supplies damped the demand outlook in the world's largest consumer.
The metal for three-month delivery dropped as much as 0.7 per cent to $9,235 a tonne on the LME.
