Copper rises by 1.2% on global cues

Increased demand at domestic spot markets from consuming industries also influenced copper prices

Buoyed by a firm global trend and increased domestic demand, copper prices rose 1.20% to Rs 416.15 per kg in futures trade today as speculators enlarged positions.

 

At the Multi Commodity Exchange, copper for delivery in August traded higher by Rs 4.95, or 1.20%, to Rs 416.15 per kg in business turnover of 9,718 lots.

 

The metal for delivery in far-month November edged up by Rs 4.65, or 1.11%, to Rs 423.70 per kg in 603 lots.

 

Globally, copper for delivery in three months climbed 1.30% to $6,824 a tonne on the London Metal Exchange.

 

Market analysts said apart from increased demand at domestic spot markets from consuming industries, a firming overseas trend amid speculation that China's determination to stabilise growth will help boost demand, mainly influenced copper prices at futures trade here.