Copper gains by 0.9% on global cues

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

Buoyed by a firm global trend and increased domestic demand, copper prices rose 0.92% to Rs 420.15 per kg in futures trade today.

 

At the Multi Commodity Exchange, copper for delivery in August traded higher by Rs 3.85, or 0.92% to Rs 420.15 per kg in business turnover of 6,163 lots.

 

The metal for delivery in far-month November edged up by Rs 3.80, or 0.91% to Rs 426.45 per kg in 316 lots.

 

Globally, copper for delivery in three months climbed 0.50% to $7,035.75 a tonne on the London Metal Exchange.

 

Market analysts said apart from increased demand at domestic spot markets from consuming industries, a firming overseas trend, after data showed US manufacturing rose by the most in four months, mainly influenced copper prices at futures trade here.