Copper gains 0.78% on global cues

Increasing demand from consuming industries supports uptrend

Amid a firm global trend and increased domestic demand, copper prices gained 0.78% to Rs 419.45 per kg in futures trade today as speculators increased positions.

At the Multi Commodity Exchange, copper for delivery in November gained Rs 3.25, or 0.78%, to Rs 419.45 per kg, with a business turnover of 31,139 lots.

February copper edged up by Rs 3.05, or 0.72%, to Rs 425.90 per kg, with a business turnover of 1,917 lots.

Marketmen said a firm global trend was seen as copper rebounded from a 10-week low as stronger-than-expected growth in total exports from China outweighed concerns over a drop in imports of the metal.

They said increased demand from consuming industries in the spot market supported the uptrend in copper.

Meanwhile, copper for delivery in three months gained 0.7% to $7,626.25 a tonne on the London Metal Exchange.