Base metals futures up on global cues

Copper and other base metals strengthened in futures trade on  Wednesday, buoyed by firming trends in global markets after dollar weakened against the Euro.

Copper for far-month April contract gained 1.63 per cent at Rs 168.85 per kg on the Multi Commodity Exchange. It clocked business turnover of 136 lots.

Similarly, February contract jumped 1.59 per cent to Rs 166.55 per kg.

Market analysts said the rise in the base metal prices was a pull-up rally as all the base metals have been oversold. They said weak dollar against the euro and other currencies had a positive impact.

At the LME, copper for delivery in three months advanced 240 dollar, or 7.9 per cent, to 3,292.50 dollar a tonne, paring this years loss to 51 per cent. The metal had fallen for seven consecutive sessions, the longest stretch since December 1998.

Firming Asian equity markets and recovery on the global commodity markets also supported the rebound in base metal futures.

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