Copper recovers on global cues, up 0.20%

Tracking recovery at the London Metal Exchange, copper today rose by Rs 0.50, or 0.20 per cent, to Rs 334.60 per kg in futures trade.

Pick up in demand at the physical markets also supported the upside in copper prices in futures trade.

At the Multi Commodity Exchange, copper for delivery in August traded higher by Rs 0.50, or 0.20 per cent, at Rs 334.60 per kg, with a business volume of 1,961 lots. It had lost 1.4 per cent at Rs 334.10 per kg in yesterday's trading.

The metal for delivery in far-month November also gained Rs 0.35, or 0.10 per cent, to Rs 337.95 per kg, with a turnover of 331 lots.

At the London Metal Exchange, three-month copper rose $35 to $7,180.00 a tonne in early trade today, having fallen 1.6 per cent in the previous session, the market's biggest one-day drop in two weeks.

Analysts said that partial recovery at the London Metal Exchange after yesterday's losses, helped copper futures to trade higher here, but weak US housing data overnight which raised demand concerns for base metals, capped upside.

Besides, pick up in demand at the physical market also influenced the metal prices, they said.