Copper goes up 0.11% on spot demand

Fresh positions by speculators supported the trade

Copper futures for April traded higher by 50 paise, or 0.11%, to Rs 445.80 per kg in 238 lots.
At the Multi Commodity Exchange, the February contract edged up by 40 paise, or 0.09% to Rs 440.60 per kg in 3,874 lots.

Fresh positions by speculators, rising spot demand supported the trade.

Analysts said the rise in copper prices at futures trade was largely on a firming trend at the spot markets on the back of rising demand from consuming industries but weakness in metal at the London Metal Exchange (LME) as China's output of the refined metal climbed to a record high, limited the gain.

 

Weakness at the LME on record production of refined metal in China, limited the upside.

Meanwhile, the three months' contract dropped 0.4% to trade at $8,099.75 a tonne at LME. On the Shanghai Futures Exchange (SFE), the May contract lost 0.3% to 58,730 yuan ($9,446) per tonne.