Copper strengthens on global cues
Fresh buying by stockists and a firm global trend on speculations that an accelerating Chinese economy may raise demand
Copper prices strengthened by Rs 2 per kg on the local non-ferrous metals market today on fresh buying by stockists in tandem with a firm global trend.
Traders said fresh buying by stockists and a firm global trend on speculations that an accelerating Chinese economy may raise demand, while optimism US lawmakers can reach an agreement on a budget boosted the outlook for base metal, influenced select metal prices.
Meanwhile, copper for delivery in three months rose 0.3% to $7,787 a tonne on the London Metal Exchange.
In the national capital, copper mixed scrap rose by Rs 2 to Rs 392 per kg.