Copper gains in futures trade on global cues

Copper futures traded 0.69 per cent higher at Rs 440.85 per kg, after it surged one per cent at the London Metal Exchange (LME) on fading fears of China tightening its monetary policy. 

Besides, covering up of short positions by speculators supported the upside.

At the Multi Commodity Exchange counter, copper for the delivery in February rose by Rs 3, or 0.69 per cent, to Rs 437.85 per kg, with a business turnover of 3,591 lots.

It had closed 0.20 per cent higher at Rs 437.85 per kg in the previous session.

Similarly, the metal for delivery in April traded higher by Rs 2.95, or 0.68 per cent, to Rs 440.80 per kg, with a business turnover of 384 lots.

Market analysts said reports that copper prices shot up by one per cent at the LME, buoyed by the fading fears of China tightening monetary policy, helped in the upside of metal prices at futures market here.