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After yesterday’s plunge, copper futures recovered by 1.48 per cent to Rs 350.75 a kg today as speculators enlarged positions largely in tandem with recovery in base metals at the London Metal Exchange (LME).
At the Multi Commodity Exchange, copper for delivery in February rose by Rs 5.10, or 1.48 per cent, to Rs 350.75 a kg, with a turnover of 2,504 lots.
Similarly, the metal for delivery in far—month April was up by Rs 4.60, or 1.34 per cent, at Rs 354.15 a kg, with a trade volume of 65 lots.
Globally, copper for delivery in three months rose 1.4 per cent to $ 5,627.50 per tonne on the LME. The metal fell 5.3 per cent to $ 5,548 a tonne yesterday, the lowest since July 2009.
Market analysts said fresh positions created by participants at prevailing levels and rebound in global markets, influenced copper prices at futures trade here.
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