Copper futures gain 0.62% on firm overseas cues, spot demand

Copper prices went up by 0.62 per cent to Rs 432.75 per kg in futures trade today as speculators built up fresh positions, tracking a firm trend overseas.

Besides, uptick in demand from consuming industries at the domestic spot market fuelled the uptrend.

At the Multi Commodity Exchange, copper for delivery in August moved up by Rs 2.65, or 0.62 per cent, to Rs 432.75 per kg in a business turnover of 1,493 lots.

Similarly, the metal for delivery in November gained Rs 2.30, or 0.53 per cent, to Rs 439.65 per kg in 19 lots.

Market analysts said sentiment bolstered after London base metal prices rose across the board, after US President Donald Trump and European Union President Jean-Claude Juncker reached an agreement that investors hope will avert a trade war, and the dollar weakened.

Trump and Juncker said after meeting in Washington on Wednesday that they would seek to "resolve" US tariffs on steel and aluminium and Europe's retaliatory duties. That marked a step back from Trump's signature import protections for American metal producers.

Meanwhile, copper for delivery in three-month was up 0.7 per cent at USD 6,335.50 a tonne on the London Metal Exchange.

Also, the most-traded September copper contract on the Shanghai Futures Exchange edged up 0.1 per cent to 50,060 yuan (USD 7,397.23) a tonne.