Copper futures rise 0.84 pc on overseas cues

Copper prices were up by 0.84 percent to Rs 414.20 per kg in futures trade today as speculators built up fresh positions amid positive global cues.

Moreover, an uptick in demand from consuming industries at the domestic spot market also fuelled the uptrend.

At the Multi Commodity Exchange, copper for delivery in August was trading higher by Rs 3.45, or 0.84 percent, to Rs 414.20 per kg in business turnover of 1479 lots.

Similarly, metal for November rose by Rs 3.35, or 0.80 percent, to Rs 421.65 per kg in 92 lots.

Market analysts said sentiment bolstered after London copper price recovered from an early dip to trade higher for the first session in three today, as investors shrugged off the lack of a breakthrough in the US-China trade talks and sensed buying opportunities.

Meanwhile, copper for delivery in three months was up by 0.4 percent at USD 6,011 a tonne on the London Metal Exchange.

Also, the most-traded October copper contract on the Shanghai Futures Exchange was up by 0.8 percent to 48,630 yuan (USD 7,074.48) a tonne.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)