Copper rises by 0.4% on global cues, spot demand

Increased demand from consuming industries influenced prices

Supported by a firming global trend and increased domestic demand, copper prices rose by 0.35% to Rs 430.25 per kg in futures trade today.

 

At the Multi Commodity Exchange, copper for delivery in far-month November traded higher by Rs 1.50, or 0.35%, to Rs 430.25 per kg in business turnover of 1,232 lots.

 

The metal for delivery in August edged up by Rs 1.40, or 0.33%, to Rs 422.95 per kg in 919 lots.

 

Globally, copper for delivery in three months rose 1.00% to $6,950 a tonne on the London Metal Exchange (LME), the highest since July 26 while at Shanghai Futures Exchange, for delivery in November, it gained 0.90% to 49, 640 yuan (USD 8,099) a tonne.

 

Market analysts said besides increased demand from consuming industries, a firming overseas trend after China's official manufacturing data unexpectedly strengthened, suggesting demand from the world's largest consumer is improving.