Copper futures recover on firm global cues

NEW DELHI: Copper futures prices recovered by 0.88 per cent to Rs 420.65 per kg today supported by short-covering and a higher trend at the London Metal Exchange (LME).
At the Multi Commodity Exchange, copper futures prices for delivery in April rose by Rs 3.65, or 0.88 per cent, to Rs 420.65 per kg, with a business turnover of 4,260 lots.
In yesterday's trade, it had ended 0.70 per cent lower at Rs 417 per kg.
Similarly, the metal for delivery in June gained Rs 3.50, or 0.83 per cent, to Rs 424.95 per kg, with a business turnover of 256 lots.
Analysts said sentiment turned better at the domestic futures market here as copper and other base metals strengthened at the LME after previous session's losses on demand concerns following last week's devastating earthquake in Japan.
In addition, covering-up of pending short positions by speculators also influenced copper prices, they added.

(Source: http://economictimes.indiatimes.com/markets/commodities/copper-futures-recover-on-firm-global-cues/articleshow/7716623.cms)