Copper rise on global cues, spot demand

Increased demand from consuming industries influenced copper prices

Buoyed by a firm global trend and increased domestic demand, copper prices rose by 0.46% to Rs 449.60 per kg in futures trade today.

 

At the Multi Commodity Exchange, copper for delivery in November traded higher by Rs 2.10, or 0.46%, to Rs 449.60 per kg in business turnover of 1,762 lots.

 

The metal for delivery in February next year edged up by Rs 2, or 0.44%, to Rs 459.60 per kg in 79 lots.

 

Market analysts said besides increased demand from consuming industries, a firming trend on the London Metal Exchange (LME) as orders to remove supplies from warehouses jumped the most in four months and stockpiles declined to the lowest since March before the Federal Reserve ends a two-day meeting today, influenced copper prices at futures trade.

 

Globally, copper for delivery in three months climbed 0.4% to $7,231 a tonne on the London Metal Exchange, at Shanghai Futures Exchange, the metal for January delivery rose 0.50% to 51,780 yuan ($8,499) a tonne.

     

Meanwhile, LME copper stockpiles shrank for the 39th straight session to 476,675 tonnes, the lowest since March.