Copper futures rise on global cues

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Copper prices rose by Rs 2 to Rs 444.90 per kg in futures trade today as speculators created fresh positions, supported by a firming global trend. 

Trading sentiment turned better after Copper moved near to a more than three-months high in global markets as US President Barack Obama said that US lawmakers have reached an agreement to raise the debt limit and cut the federal deficit, averting a default tomorrow. 

At the Multi Commodity Exchange, copper for delivery in November rose by Rs 2, or 0.45 per cent, to Rs 444.90 per kg, with a business turnover of 946 lots. 

Likewise, the metal for delivery in August edged up by Rs 1.95, or 0.45 per cent, to Rs 438.90 per kg, with an open interest of 10,891 lots. 

Market analysts said a firming trend overseas and pick-up in spot market demand mainly led to the rise in copper prices at futures trade. 

Meanwhile, copper for delivery in three months increased 0.7 per cent to USD 9,894 a tonne on the London Metal Exchange.

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