 "Copper rises by 0.3% on solid global cues")
Buoyed by a firm global trend and increased domestic demand, copper prices rose 0.35% to Rs 332.85 per kg in futures trade today as participants widened their speculative bets.
In futures trading at Multi Commodity Exchange, copper for delivery this month was trading Rs 1.15, or 0.35%, higher at Rs 332.85 per kg in a business turnover of 841 lots.
Metal for delivery in far-month November contracts edged higher by Rs 1.15, or 0.34%, to Rs 340 per kg in a business volume of 48 lots.
Analysts said that apart from pick-up in domestic demand, a firming overseas trend as copper rebounded from bear market as Chinese smelters were said to have curbed sales mainly influenced prices here.
Meanwhile, inventories in Chinese warehouses fell in July for the first time in four months after smelters were said to be hoarding metal on viability issues. The stock slid 4% to 6,50,000 tonnes.
In futures trading at Multi Commodity Exchange, copper for delivery this month was trading Rs 1.15, or 0.35%, higher at Rs 332.85 per kg in a business turnover of 841 lots.
Metal for delivery in far-month November contracts edged higher by Rs 1.15, or 0.34%, to Rs 340 per kg in a business volume of 48 lots.
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Globally, copper for delivery in three months rose 0.8% to $5,217 a tonne on the London Metal Exchange (LME).
Analysts said that apart from pick-up in domestic demand, a firming overseas trend as copper rebounded from bear market as Chinese smelters were said to have curbed sales mainly influenced prices here.
Meanwhile, inventories in Chinese warehouses fell in July for the first time in four months after smelters were said to be hoarding metal on viability issues. The stock slid 4% to 6,50,000 tonnes.
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