Copper futures rise 1 pc on global cues, spot demand

Copper prices climbed 1 per cent to Rs 486.05 per kg in futures market today as speculators built up fresh positions, tracking a firm trend overseas.

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

At the Multi Commodity Exchange, copper for delivery in June month moved up by Rs 4.80, or 1 per cent to Rs 486.05 per kg in business turnover of 2,654 lots.

Similarly, the metal for delivery in far-month August was trading higher by Rs 4.65, or 0.96 per cent to Rs 491.35 per kg in 275 lots.

Market analysts said sentiment was bolstered after copper rose more than 2 per cent in Shanghai today to a fresh 3-month high, while the metal came within striking distance of its 2018 high in London as concerns over supply disruption in Chile and a weaker dollar index lent support to prices.

Globally, the most-traded July copper contract gained 2.1 per cent to 53,870 yuan (USD 8,435) a tonne, its highest since February 27 on the Shanghai Futures Exchange.

Also copper for delivery in three-month climbed 0.6 per cent to USD 7,261 a tonne on the London Metal Exchange.