Copper rises on firm overseas cues

Spot market demand also pulled prices higher

Copper prices moved up by Rs 2.60 to Rs 433.55 per kg in futures trade today on fresh buying by speculators, tracking a firming trend overseas.

Also, pick up in the spot market demand supported the uptrend.

At the Multi Commodity Exchange, copper for delivery in November rose by Rs 2.60, or 0.60%, to Rs 433.55 per kg, with a business turnover of 2,457 lots.

The August contract edged up by 2.50, or 0.59%, to Rs 429.20 per kg, with a business turnover of 51,981 lots.

Market analysts attributed the rise in copper futures to a firming global trend on expectations that central banks in Europe and China will ease monetary policy to spur economic growth, raising metals demand outlook.

Meanwhile, copper gained 1.4% to $7,732 a tonne on the London Metal Exchange.