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Copper futures rose over 1% during afternoon trade in the domestic market on Wednesday as investors and speculators extended their positions in the industrial metal on rising bets that global manufacturing activity will return to a firmer footing next year.
Further, new orders for the US factory goods recorded their biggest surge in nearly 1-1/2 years in the October month, moreover evidence that the manufacturing sector is gradually recovering and as demand signals from China also improved, buoyed copper prices. At the MCX, copper futures for February 2017 contract is trading at Rs 405.15 per kg, up by 1.03 per cent, after opening at Rs 401.05, against a previous close of Rs 401. It touched the intra-day high of Rs 406.85.
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