Copper futures recover on on global cues

Supported by a firm trend at the London Metal Exchange (LME), copper futures prices rose by 1.78 per cent to Rs 396.60 per kg.

Pick up in demand at the domestic markets also influenced copper futures prices here.

At the Multi Commodity Exchange counter, copper delivery for February edged up by Rs 1.55, or 0.39 per cent to Rs 400.70 per kg, with a business turnover of 13 lots.

Similarly, the metal for delivery in February traded higher by Rs 1.40, or 0.35 per cent, to Rs 402.70 per kg, with a business turnover of two lots.

Analysts said reports of firm trend in copper and other base metals at the London Metal Exchange on speculation that the recovering global economy would boost demand for commodities, supported the upside in copper futures here.

Further, shrink in copper's stockpiles by 30 per cent to 352,375 tonnes this year, the lowest level since October 2009 at the LME's warehouses also influenced prices, they said. 

Meanwhile, copper for the three-month delivery gained 2.09 per cent, to $8,923 a tonne on the LME.