Positive global cues lift copper futures by 0.35 pc

Copper prices moved up by 0.35 per cent to Rs 459.50 per kg in futures trade today as speculators built up fresh positions amid firm global cues.

Uptick in domestic demand at the spot market too fuelled the uptrend.

At the Multi Commodity Exchange, copper for delivery in June rose by Rs 1.60, or 0.35 per cent, to Rs 459.50 per kg in a business turnover of 19 lots.

Likewise, the metal for delivery in far-month August contracts gained Rs 1.45, or 0.31 per cent, to Rs 463.40 per kg in 19 lots.

Marketmen said fresh positions created by participants following a firm trend overseas as falling inventories and strong import numbers from top consumer China led to the rise in copper prices at futures trade here.

Meanwhile, China imported 442,000 tonnes of unwrought copper in April, according to customs data released this week, the highest monthly total so far in 2018.

Globally, copper for delivery in three-months climbed 0.5 per cent to USD 6,844.50 a tonne on the London Metal Exchange.