Copper futures prices on the MCX platform bounced back on the week ended on Friday, on some renewed buying support at the lower levels, supported by a firm LME market.

London copper recovered last week on renewed Chinese buying, declining warehouse stocks at Shanghai and expectations of further interest rate cut in the US. On the other hand, gold futures and crude oil futures prices reacted sharply last week, on some selling pressure amid reports of a firm dollar against the euro. The active February 2008 copper contract was up 2% to trade at Rs 277.95 per kg. The open interest was 8,997 kgs, up from 5,762 kgs the previous week.

Total volume was 17,050 tonne, up from just 4,075 tonne. Prices at LME had gained by 5%, to remain at $6,975 a tonne on renewed support, despite a negative correlation to warehouse stocks.

Copper stocks in the Shanghai Futures Exchange had declined by 23%, to remain at 34,438 tonne. Copper rose to the highest in more than a week, after a report showed that US economic growth surged in the third quarter, easing concern that slower expansion would reduce demand for metals.

The active December crude oil contract was lower 9% to trade at Rs 3,525 per barrel. The open interest was 12.76 lakh barrels, down by about 2 lakh barrels, while total volume increased to 29.48 lakh barrels from 12.72 lakh barrels.

NYMEX crude oil prices surged by more than $4 a barrel to over $95 on Wednesday, after an explosion and fire at a terminal in Minnesota prompted the shut down of nearly a fifth of US crude imports from Canada. But oil fell below $90 a barrel for the first time in a month, after Enbridge Inc reopened the biggest pipeline to the US from Canada, and traders speculated that OPEC will increase production.

The active December gold contract was lower 4% to trade at Rs 10,171 per 10 gram. The open interest was 6,402 kgs, down from 15,768 kgs over the previous week. ?Comex gold (December) is expected to decline further from current levels and remain in the ranges of $804-$790 levels. The MCX December contract is expected to correct from the current levels and trade in the ranges of Rs 10,360-10,090 levels,? Debjyoti Chatterjee, an analyst.