Copper rises 0.4% on firm global cues

Speculation that central banks in the US and China may act to strengthen their economies helps uptrend

Copper prices moved up by 0.43% to Rs 423.70 per kg in futures trade today as speculators built positions after the metal climbed to over one-month high in the global markets.

Pick up in the spot market demand supported the uptrend.

At the Multi Commodity Exchange, copper for delivery in August rose by Rs 1.80, or 0.43%, to Rs 423.70 per kg, with a business turnover of 4,653 lots.

November copper edged up by Rs 1.60, or 0.38%, to Rs 427.95 per kg, with a business turnover of 637 lots.

Marketmen said copper futures rose due to a firm global trend.

 

Copper climbed to over one-month high on speculation that central banks in the US and China, the world's largest consumers, may add more stimulus to strengthen their economies, raising demand outlook for metals.

Meanwhile, copper gained 0.9% to $7,675.75 a tonne, the highest level since July 20 on the London Metal Exchange.