PTI reported that Indian copper prices rose by 0.59 % to INR 420.10 per kilogram in futures trade after speculators enlarged their positions on positive cues from global markets.
At the Multi Commodity Exchange, copper for delivery in June edged up by INR 2.45 or 0.59 % to INR 420.10 per kilogram with a turnover of 4,286 lots The metal for delivery in August was up by INR 2.35 or 0.56 %, at INR 424.85 per kilogram with a trade volume of 3,211 lots.
Meanwhile, copper for three-month delivery jumped as much as 1.7 %, the most since June 15th 2012 to USD 7,492 per tonne at the London Metal Exchange in early trade today.
Market analysts attributed the rise in copper futures to a firming trend at the LME after Euro area leaders agreed to drop the condition that emergency loans to Spanish banks give their governments preferred creditor status, boosting demand outlook for the metal.
They said that a weaker dollar overseas also helped boost the appeal of the metal as an alternative investment.
