Copper gains by 1.5% on global cues

Increased demand at domestic spot markets from consuming industries also influenced copper prices

Buoyed by a firm global trend and increased domestic demand, copper prices rose 1.52% to Rs 438.25 per kg in futures trade today as speculators enlarged positions.

 

At the Multi Commodity Exchange, copper for delivery in August traded higher by Rs 6.55, or 1.52%, to Rs 438.25 per kg in business turnover of 4,795 lots.

 

The metal for delivery in far-month November edged up by Rs 6.05, or 1.38%, to Rs 445.95 per kg in 547 lots.

 

Globally, copper for delivery in three months climbed 2% to $7,146 a tonne on the London Metal Exchange, the highest since June 17, while at Shanghai Futures Exchange, it rose 2.8% to 51,490 yuan ($8,417) a tonne.

 

Market analysts said apart from increased demand at domestic spot markets from consuming industries, a firming overseas trend after trade data in China, the biggest user, exceeded estimates, mainly influenced copper prices at futures trade here.