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Copper rises 1.34% on bullish trend

Press Trust of India  |  New Delhi 

Copper traded higher by Rs 4.05 or 1.34 per cent to Rs 306.50 per kg in futures trade today after speculators enlarged their positions, supported by firming trend overseas. Rise in demand in physical also supported the upside in copper futures prices.

At the Multi Commodity Exchange platform, copper for delivery in  June contract gained Rs 4.05, or 1.34 per cent to Rs 306.50 per kg, with an open interest of 29,195 lots. It ended 0.40 per cent lower at Rs 302.45 per kg in the previous session.

The metal for delivery in far-month August contract also traded higher by Rs 3.45, or 1.13 per cent to Rs 309.40 per kg, in an open interest of 7,910

Analysts said positive sentiment in global on speculation of Federal Reserve prolonging interest rates near zero to aid the recovery in the US economy, influenced copper prices in futures trade here.

Meanwhile, three-month copper traded 2.6 per cent higher at $6,694 per tonne at the London Metal Exchange.

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First Published: Thu, June 24 2010. 12:33 IST