Press Trust of India |
New Delhi
May 29, 2012
Last Updated at 13:30 IST
Copper recovers on global cues
Better demand at spot marketsl from consuming industries also influenced trading sentiment.
Supported by firming global trend, copper prices rose by 0.23% to Rs 427.10 per kg in futures trade today as speculators created fresh positions.
Better demand at spot markets for the metal from consuming industries also influenced the trading sentiment.
At the Multi Commodity Exchange, the June copper rose by Re one, or 0.23%, to Rs 427.10 per kg in business turnover of 4,833 lots.
Similarly, the metal for delivery in the August contract moved up by 90 paise, or 0.21%, to Rs 431.30 per kg in 231 lots. Globally, copper for three-month metal rose 0.50% to $7,678 a tonne on the London Metal Exchange (LME).
Analysts said fresh positions created by speculators in tandem with a firming global trend on easing concern over the euro-region debt crisis that threatens to crimp demand and falling inventories supported the upside in copper futures here.
Meanwhile, copper inventories monitored by the London Metal Exchange fell for the third session to 223,050 tonnes.
