Copper futures gain 0.34% on firm overseas trend

Copper prices strengthened by 0.34 per cent to Rs 445.15 per kg in futures trade today as speculators built up of fresh positions amid positive global cues.

Besides, rising demand from consuming industries at the domestic spot market too fuelled the uptrend.

At the Multi Commodity Exchange, copper for delivery in November went up by Rs 1.50, or 0.34 per cent, to Rs 445.15 per kg in a business turnover of 74 lots.

Similarly, the metal for delivery in August edged up by Rs 1.45, or 0.33 per cent, to Rs 438.15 per kg in 1,924 lots.

Market analysts said, sentiment remained firm after a rise in copper prices in London and Shanghai with investors looking to buy low after a trade war-fuelled sell-off last week.

The United States on Friday slapped tariffs on USD 34 billion of goods from top metals consumer China, which responded in kind. Fears that the spat could dampen demand for industrial metals weighed on copper prices.

Globally, copper for delivery in three-months rose by 0.5 per cent to USD 6,423 a tonne, extending a 1.7-per cent gain from the previous session on the London Metal Exchange.

Also, the most-traded September copper contract added 0.7 per cent to reach 49,890 yuan (USD 7,545.03) a tonne on the Shanghai Futures Exchange.