Copper rises 1.28% on global cues

Pick up in demand at the domestic spot supports uptrend

Buoyed by a firming trend in the global markets, copper futures prices rose by 1.28% to Rs 461.20 per kg today as speculators enlarged positions.

At the Multi Commodity Exchange, copper for delivery in November rose by Rs 5.85, or 1.28%, to Rs 461.20 per kg, with a business turnover of 16,422 lots.

February copper traded higher by Rs 5.80, or 1.26%, to Rs 466 per kg, with a business turnover of 1,351 lots.

Marketmen said a firming trend overseas after the US Federal Reserve announced fresh round of stimulus to revive the world's biggest economy, boosted the demand outlook for the metals, influencing copper futures prices here.

 

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

Meanwhile, copper for the metal for delivery in three months climbed 2.9% on the London Metal Exchange.