Copper futures rise 1.36% on global cues, spot demand

Copper prices went up by 1.36 per cent to Rs 444.10 per kg in futures market today as speculators built up fresh positions, taking positive from global markets.

Pick up in demand at the domestic spot markets too fuelled the uptrend.

At the Multi Commodity Exchange, copper for delivery in far-month November rose by Rs 5.95, or 1.36 per cent, to Rs 444.10 per kg in a business turnover of 201 lots.

Similarly, the metal for delivery in August contracts gained Rs 5.80, or 1.34 per cent, to trade at Rs 437.40 per kg in 4962 lots.

Market analysts said sentiment was bolstered after London copper snapped back sharply today from near one-year lows hit in the session, as a weak dollar forced short holders to cover positions even amid simmering trade war tension.

Globally, copper for delivery in three-month rallied by 1.6 per cent to USD 6,383.50 after prices slumped to USD 6,221.50 a tonne on Friday, which was the weakest since late July 2017 on the London Metal Exchange.

Shanghai Futures Exchange copper also rebounded, by 1.1 per cent to 49,810 yuan (USD 7,502) a tonne.