Copper rises by 0.5% on global cues, spot demand

A firm global trend and increased domestic demand influenced copper prices

Supported by a firm global trend and increased domestic demand, copper prices rose by 0.46% to Rs 417.45 per kg in futures trade today.

 

At the Multi Commodity Exchange, copper for delivery in August traded higher by Rs 1.90, or 0.46%, to Rs 417.45 per kg in business turnover of 3,888 lots.

 

The metal for delivery in November edged up by Rs 1.95, or 0.46%, to Rs 424.25 per kg in 273 lots.

 

Globally, copper for delivery in three months rose 0.90% to $6,970 a tonne on the London Metal Exchange, while at Shanghai Futures Exchange, it gained 0.60% to 49,970 yuan ($8,138) a tonne.

 

Market analysts said besides increased demand from consuming industries, a firm overseas trend after a Federal Reserve report showed a bigger-than-expected gain in regional US manufacturing, signalling improved demand prospects for the metals, mainly influenced copper prices at futures trade here.