rect = cv2.minAreaRect(cnt)
box = cv2.cv.BoxPoints(rect) # cv2.boxPoints(rect) for OpenCV 3.x
box = np.int0(box)
cv2.drawContours(im,[box],0,(0,0,255),2)
should do the trick.
sources:
1) http://opencvpython.blogspot.in/2012/06/contours-2-brotherhood.html