Copper futures gain 0.10% on global cues, spot demand

Copper prices rose by 0.10 per cent to Rs 467.40 per kg in futures trade today as traders enlarged positions amid firm trend overseas on fall in inventories.

Besides, pick up in demand from consuming industries at domestic spot market fuelled the uptrend.

At the Multi Commodity Exchange, copper for delivery in far-month August edged up by 45 paise, or 0.45 per cent, to Rs 467.40 per kg, in a business turnover of 13 lots.

Similarly, the metal for delivery in June traded higher by 35 paise, or 0.08 per cent, to Rs 463.25 per kg in 787 lots.

Market analysts said widening of positions by participants on the back of a firm trend overseas following noticeable declines in stocks at London Metal Exchange (LME) warehouses on Wednesday, influenced copper prices at futurs trade here.

Besides, pick up in demand at the domestic spot markets too, supported the upside in the metal prices, they added.

LME copper stocks fell a net 9,600 tonnes to 293,025 tonnes yesterday. This followed a net decline of 8,750 tonnes on Tuesday.

Globally, copper for delivery in three month rose USD 28 to USD 6,738 a metric tonne on the LME in yesterday's trade.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)