 "Copper up 0.3% on short covering")
Amid short covering by speculators and rising spot demand, copper futures prices today rose by 0.38% to Rs 401.10 per kg.
However, metal's weakness at the London Metal Exchange (LME) as China's outlook hurts demand, capped the gains.
At the Multi Commodity Exchange, copper for delivery in April rose by Rs 1.50, or 0.38%, to Rs 401.10 per kg, with a turnover of 1,284 lots.
Globally, copper for three-month delivery rose 0.50% to $6,386 a tonne at the LME, while it fell by 0.60% to 44,140 yuan ($7,184) per tonne for June delivery in Shanghai.
Market analysts attributed the rise in copper futures to covering-up of short positions by speculators and rising spot demand but a weak trend in global markets on weakening economic data in China, the world's biggest consumer of metal, restricted gains.
However, metal's weakness at the London Metal Exchange (LME) as China's outlook hurts demand, capped the gains.
At the Multi Commodity Exchange, copper for delivery in April rose by Rs 1.50, or 0.38%, to Rs 401.10 per kg, with a turnover of 1,284 lots.
Also Read
Similarly, the metal for delivery in June was up by Rs 1.50, or 0.37%, at Rs 404.35 per kg, with a trade volume of 34 lots.
Globally, copper for three-month delivery rose 0.50% to $6,386 a tonne at the LME, while it fell by 0.60% to 44,140 yuan ($7,184) per tonne for June delivery in Shanghai.
Market analysts attributed the rise in copper futures to covering-up of short positions by speculators and rising spot demand but a weak trend in global markets on weakening economic data in China, the world's biggest consumer of metal, restricted gains.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%