Copper futures rise 0.78 pc on overseas cues, spot demand

Copper prices moved up by 0.78 per cent to Rs 424.75 per kg in futures trade today as speculators built up fresh positions amid positive global cues.

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 went up by Rs 3.30, or 0.78 per cent, to Rs 424.75 per kg in a business turnover of 1,179 lots.

Similarly, the metal for delivery in November was trading higher by Rs 3.15, or 0.73 per cent, to Rs 431.90 per kg in 9 lots.

Market analysts said sentiment bolstered after copper prices bounced back in global markets today after coming under pressure in the previous session on concerns over slowing economic growth in top industrial metals consumer China.

Meanwhile, copper for delivery in three-month had risen 0.7 per cent to USD 6,235.50 a tonne on the London Metal Exchange.

Also, most-traded copper contract on the Shanghai Futures Exchange added 0.1 per cent to 49,040 yuan (USD7,335.17) a tonne.