Copper gains by 0.4% on global cues

Increased demand at domestic spot markets from consuming industries also influenced copper prices

Buoyed by a firm global trend and increased domestic demand, copper prices rose 0.35% to Rs 488.65 per kg in futures trade today as speculators enlarged positions.

 

At the Multi Commodity Exchange, copper for delivery in November traded higher by Rs 1.90, or 0.35%, to Rs 488.65 per kg in business turnover of 2,327 lots.

 

The metal for delivery in far-month February edged up by Rs 1.60, or 0.32%, to Rs 495.30 per kg in 56 lots.

 

Globally, copper for delivery in three months climbed 2% to $7,245  a tonne on the London Metal Exchange (LME), the biggest gain since August 22, while at Shanghai Futures Exchange, it rose 0.40% to 52,300 yuan ($8,543) a tonne for delivery in December.

 

 

Market analysts said apart from increased demand at domestic spot markets from consuming industries, a firming overseas trend after a manufacturing gauge in China, the biggest consumer of commodities, rose to a 16-month high, mainly influenced copper prices at futures trade here.