Copper futures rise to Rs 441.70 per kg

Copper futures rise to Rs 441.70 per kgAccording to the latest figures available, the Copper futures prices rose in the markets by 0.20 per cent to Rs 441.70 per kg.

The prices of the metal rose after speculators created fresh positions in the market. Dealers said that the prices of copper increased because of a stabilizing trend at the London Metal Exchange (LME). The markets stabilized after indications that the US lawmakers are working to resolve the fiscal cliff crisis.

The US is the second largest consumer of the metal after China and strong economic data has helped increase the prices of copper. Analysts in the market said that the increase in demand in the spot market also helped push prices of copper higher.

The copper for delivery in February was trading 90 paise or 0.20 per cent higher at Rs 441.70 per kg at the Multi Commodity Exchange. The total business turnover was recorded at 2,057 lots in the market. Meanwhile, the copper for delivery in far-month April rose to Rs 445.90 per kg, with a business turnover of 128 lots.

The copper for delivery in in three months climbed 0.5 per cent to $7,955.25 a tonne at the London Metal Exchange.