Copper futures up nearly 1% in evening trade

Copper prices rose to Rs 506.70 per kg on July 21 as participants increased their long positions.

Base metals have recouped all losses on huge strides in a vaccine to combat coronavirus, weaker dollar and optimism of additional stimulus from the EU and US.

In the futures market, copper for July delivery touched an intraday high of Rs 507.35 and a low of Rs 503.60 per kg on the Multi-Commodity Exchange (MCX). So far in the current series, the precious metal has touched a low of Rs 412.90 and a high of Rs 509.25.

Copper futures for July delivery gained Rs 4.60, or 0.92 percent, to Rs 507.10 per kg at 18:53 hours on a business turnover of 4,895 lots. The same for August delivery edged higher Rs 5.30, or 1.06 percent, to Rs 503 per kg on a turnover of 2,712 lots.

The value of July and August's contracts traded so far is Rs 1,265.78 crore and Rs 130.90 crore, respectively.

Copper is expected to trade positively with support at Rs 501 and Rs 503.5 levels, according to Motilal Oswal. The brokerage firm advised its clients to buy on dips, targeting higher resistance at Rs 507-509.5.

At 13:26 (GMT), the red metal futures gained 0.98 percent at $6,535.75 per tonne in London.