Copper futures gain 0.21% on global cues, spot demand

Copper prices advanced by 0.21 per cent to Rs 459.80 per kg in futures market today as speculators built up fresh positions, tracking a firm trend overseas.

Besides, up-tick in demand at the domestic spot markets, too, fulled the up-trend.

At the Multi Commodity Exchange, copper for delivery in June edged up by 95 paise, or 0.21 per cent, to Rs 459.80 per kg, in business turnover of 5,755 lots.

Similarly, the metal for delivery in far-month August was trading higher by 70 paise, or 0.15 per cent, to Rs 464.50 per kg, in 131 lots.

Market analysts said sentiments bolstered after the copper rallied to its highest in more than six weeks on Shanghai Stock Exchange today, underpinned by a slightly softer dollar and supply concerns amid wage negotiations at the world's largest copper mine.

Meanwhile, copper for delivery in three months climbed 1.3 per cent to 51,990 yuan (USD 8,097) a tonne, having earlier struck the highest since April 19 on Shanghai Futures Exchange.

The metal also went up by 0.4 per cent to USD 6,924 per tonne on the London Metal Exchange.