Copper rise by 0.9% on global cues

A positive economic data and increased domestic demand helped prices

Supported by a positive economic data and increased domestic demand, copper prices rose by 0.88% to Rs 474.50 per kg in futures trade today as participants enlarged positions.

 

At the Multi Commodity Exchange, copper for delivery in August traded higher by Rs 4.15, or 0.88%, to Rs 474.50 per kg in business turnover of 1,751 lots.

 

The metal for delivery in far-month November shot up by Rs 3.20, or 0.67% to Rs 478.50 per kg in 388 lots.

 

Globally, copper for delivery in three months climbed 0.20% to $7,336 per tonne on the London Metal Exchange.

 

Market analysts said a firming overseas trend as US jobless claims fell and manufacturing in China and the euro area grew more than estimated, adding to signs of a global recovery, mainly influenced copper prices at futures trade here.

 

Besides, increased demand at domestic spot markets from consuming industries, also supported the upside in metal's prices, they said.