Copper futures edged higher on MCX as investors booked fresh positions in the industrial metal amid a pickup in spot demand while strong US housing data bolstered the outlook for copper, a widely used item in construction activity. A gauge measuring US homebuilder sentiment rose to 60 in August from 58 in July, signaling a strengthening US housing recovery. However, lackluster US consumer data with retail sales stalling in July, capped some gains.
The contract for August delivery was trading at Rs 320.45, up by 1.06% or Rs 3.35 from its previous closing of Rs 317.10. The open interest of the contract stood at 28104.00 lots.
The contract for November delivery was trading at Rs 327.00, up by 0.96% or Rs 3.10 from its previous closing of Rs. 323.90. The open interest of the contract stood at 1486.00 lots on MCX.