Copper futures rise on firm overseas trend, spot demand

Copper prices rose by 0.47 per cent to Rs 409.55 per kg in futures trade today amid a firm global trend and pick up in spot demand.

At the Multi Commodity Exchange, copper for delivery in August was up by Rs 1.90, or 0.47 per cent, to Rs 409.55 per kg, in a business volume of 456 lots.

The November contract gained Rs 1.50, or 0.36 per cent, to Rs 416.90 per kg, in a business turnover of 23 lots.

Marketmen attributed the rise in copper futures to a firming trend in base metals in global market as appetite for risk revived on hopes of progress in a trade dispute between the US and China, which undermined safe-haven demand for the dollar.

Rising demand from consuming industries at domestic spot markets supported the upside, they said.

Globally, copper for delivery in three months rose 0.9 per cent to USD 5,980 on the London Metal Exchange (LME).

At Shanghai Futures Exchange copper rose by 0.9 per cent to 48,300 yuan (USD 7,026) per tonne.