Copper futures surges 1.8% on strong global cues

Image
Press Trust of India New Delhi
Last Updated : Jan 20 2013 | 2:43 AM IST

Buoyed by a firming trend overseas and a pick-up in domestic spot demand, copper prices recovered by 1.80% to Rs 384.35 per kg in futures trade today.

At the Multi Commodity Exchange, copper for delivery in November rose by Rs 6.80, or 1.80%, to Rs 384.35 per kg, with an open interest for 13.841 lots.

In a similar fashion, the metal for delivery in February was up by Rs 5.70, or 1.49%, at Rs 389.10 per kg, with a trade volume of 3,250 lots.

Globally, copper for three-month delivery jumped up by 3.3% to $7,470 a tonne on the London Metal Exchange (LME), the most since November 14.

Market analysts attributed the rise in copper in futures trade to a firming trend on the LME supported by a weak dollar and hopes Italy may secure financial aid as Europe takes steps this week to ease euro zone's debt crisis.

More From This Section

First Published: Nov 28 2011 | 12:21 PM IST

Next Story