Copper surges by 1% on global cues

A firm global trend backed copper prices

Copper prices surged 1.02% to Rs 472 per kg in futures trade today as speculators created huge positions tracking a firm global trend.

 

At the Multi Commodity Exchange, copper for delivery in November was up Rs 4.75, or 1.02%, to Rs 472 per kg in business turnover of 1,067 lots.

 

Similarly, the metal for delivery in February shot up by Rs 4.70, or 1%, to Rs 480.80 per kg in 36 lots.

 

Market analysts attributed the rise in copper futures to a firm global trend after US President Barack Obama asked Congress to delay a vote on US military action in Syria and upbeat Chinese economic data, the biggest consumer of the metal.

 

Meanwhile, copper for delivery in three months rose 0.6% to $7,210 a tonne on the London Metal Exchange, while at Shanghai Futures Exchange, metal for delivery in December climbed 0.3% to 52,130 yuan ($8,519) a tonne.