Copper marginally up on short-covering
Rising spot demand also had a positive effect on the trade
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Amid short-covering by speculators and rising spot demand, copper futures prices today rose marginally by 0.24% to Rs 417.95 per kg.
However, a weak trend in base metals at the London Metal limited the fall.
At the Multi Commodity Exchange (MCX), the August contract rose by Re one, or 0.24%, to Rs 417.95 per kg in 205 lots.
The June contract was up by 90 paise, or 0.22%, at Rs 412.60 per kg in 4,876 lots.
Globally, the three-month contract fell by 0.60% to $7,276.75 a tonne on the London Metal Exchange (LME).
Market analysts attributed the rise in copper futures to covering-up of short positions by speculators and rising spot demand but a weak trend on the LME as Freeport-McMoRan Copper & Gold Inc said it can start open-pit production at Indonesia's Grasberg mine after an accident halted operations, restricted gains.
However, a weak trend in base metals at the London Metal limited the fall.
At the Multi Commodity Exchange (MCX), the August contract rose by Re one, or 0.24%, to Rs 417.95 per kg in 205 lots.
The June contract was up by 90 paise, or 0.22%, at Rs 412.60 per kg in 4,876 lots.
Globally, the three-month contract fell by 0.60% to $7,276.75 a tonne on the London Metal Exchange (LME).
Market analysts attributed the rise in copper futures to covering-up of short positions by speculators and rising spot demand but a weak trend on the LME as Freeport-McMoRan Copper & Gold Inc said it can start open-pit production at Indonesia's Grasberg mine after an accident halted operations, restricted gains.
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First Published: May 30 2013 | 2:32 PM IST