Copper rises 0.47% on global cues, firm demand

Dip in China's inflation strengthens copper futures prices

Buoyed by a firming trend in global markets and the pick up in domestic demand, copper futures prices rose by 0.47% to Rs 419.15 per kg today.

Sentiment bolstered as copper gained in the overseas markets after data showed China's inflation cooled for the fourth month in July, raising expectations of further policy easing from the largest consumer of the metal, traders said.

Pick up in demand at the domestic spot market supported the uptrend, they said.

At the Multi Commodity Exchange, copper for delivery in August rose by Rs 1.95, or 0.47%, to Rs 419.15 per kg in a business turnover of 10,913 lots.

 

November copper moved up by Rs 1.80, or 0.43%, to Rs 424.70 per kg in 845 lots.

Meanwhile, copper for delivery in three months climbed 0.4% to $7,581 a tonne on the London Metal Exchange.