Copper futures rise 0.89% on overseas trend

Copper traded Rs 2.75, or 0.89 per cent higher at Rs 322.10 per kg today supported by a rebound at the global markets.
    
Good demand for the metal at the domestic markets also supported the upside in the copper prices in the futures market here.
    
On the Multi Commodity Exchange platform, copper for delivery in August contract traded Rs 2.75, or 0.89 per cent higher at Rs 322.10 per kg, with a turnover of 232 lots.
    
The metal for delivery in June contract also edged up by Rs 2.75, or 0.87 per cent to Rs 320.25 per kg, with a business volume of 3,492 lots. It closed 0.20 per cent higher at Rs 317.50 per kg in the previous session.
    
Market analysts said, recovery at the London Metal Exchange and Shanghai was due to easing concerns about the Greece's debt crisis after the European Union agreed on a 500 billion euro (USD 638 billion) emergency fund to prevent the crisis spreading to other countries.
    
They said weakness in dollar, which boosts demand from other currency holders by making dollar-denominated commodities cheap also influenced the metal prices at futures market here.
    
Meanwhile, at the London Metal Exchange copper rose USD 84, or 1.21 per cent to USD 7,024 per tonne, while at Shanghai it rose 1,400 yuan, or 2.57 per cent at 55,900 yuan per tonne.