Copper rises by 2.2% on global cues

Prices were supported by a firm global trend and increased domestic demand

Supported by a firm global trend and increased domestic demand, copper prices rose by 2.15% to Rs 460.90 per kg in futures trade today.

 

At the Multi Commodity Exchange, copper for delivery in August traded higher by Rs 9.70, or 2.15%, to Rs 460.90 per kg in business turnover of 5,002 lots.

 

The metal for delivery in far-month November shot up by Rs 9.65, or 2.11% to Rs 468.20 per kg in 605 lots.

 

Globally, copper for delivery in three months climbed 1.40% to $7,410.25 per tonne on the London Metal Exchange, the highest level since June 6.

 

Market analysts said besides increased demand from consuming industries, a firming overseas trend on unexpected drop in US jobless claims and expanded manufacturing data,

 

Mainly influenced copper prices at futures trade here.