 "Copper up 1.6% on positive global cues")
Copper futures rose 1.60 per cent today to Rs 343.35 per kg as participants enlarged positions, taking positive cues from overseas markets and a pickup in spot demand.
At the Multi Commodity Exchange, copper for delivery in November was trading higher by Rs 5.40, or 1.60 per cent, to Rs 343.35 per kg, with a turnover of 1,157 lots.
The February contract was up by Rs 5.30, or 1.54 per cent, at Rs 349.40 per kg, with a trade volume of 50 lots.
Market analysts attributed the rise in copper futures trade to a firming trend in the base metals pack at the LME after data showed that US employers added fewer jobs than expected, dimming prospects for an increase in interest rates by the Federal Reserve this year and weakening the dollar for a third day.
Besides, pickup in spot demand also supported the upside, they said.
At the Multi Commodity Exchange, copper for delivery in November was trading higher by Rs 5.40, or 1.60 per cent, to Rs 343.35 per kg, with a turnover of 1,157 lots.
The February contract was up by Rs 5.30, or 1.54 per cent, at Rs 349.40 per kg, with a trade volume of 50 lots.
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Globally, copper for three-month delivery surged as much as 1.8 per cent, to $5,193 per tonne on the London Metal Exchange (LME).
Market analysts attributed the rise in copper futures trade to a firming trend in the base metals pack at the LME after data showed that US employers added fewer jobs than expected, dimming prospects for an increase in interest rates by the Federal Reserve this year and weakening the dollar for a third day.
Besides, pickup in spot demand also supported the upside, they said.
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