Copper futures up 1.77% on overseas cues

Copper futures were trading higher during the afternoon trade in the domestic market on Tuesday as participants widened their positions in the industrial metal after supply in China’s domestic market tightened, more than offsetting a stronger dollar and expectations of ample supply next year.

                        Further, investors globally eyed the slew of data this week that may yield more insight into metals demand, including 3rd quarter US GDP and PMI data from several developed economies, too supported copper prices at futures trade.


At the MCX, copper futures for November 2016 contract is trading at Rs 316.70 per kg, up by 1.77%t, after opening at Rs 312, against a previous close of Rs 311.20. It touched the intra-day high of Rs 316.80.

 

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