Copper rises by 1% on global cues, spot demand

Copper prices rose by over 1% to Rs 416.30 per kg in futures trade today due to increased demand from consuming industries

Supported by a firm global trend and increased domestic demand, copper prices rose by over 1% to Rs 416.30 per kg in futures trade today.

 

At the Multi Commodity Exchange, copper for delivery in August traded higher by Rs 4.30, or 1.04%, to Rs 416.30 per kg in business turnover of 3,382 lots.Copper futures rise on global cues, spot demand

 

The metal for delivery in November edged up by Rs 4.05, or 0.97%, to Rs 421.70 per kg in 207 lots.

 

Globally, copper for delivery in three months climbed 2.50% to $6,994 tonne on the London Metal Exchange, the highest since July 4, while at Shanghai Futures Exchange, it gained 2.7% to 49,920 yuan ($8,138) a tonne.

 

Market analysts said besides increased demand from consuming industries, a firm overseas trend after Federal Reserve Chairman Ben S Bernanke said the US needs stimulative monetary policy for some time, mainly influenced copper prices at futures trade here.