Copper rises on global cues, firm demand

August contract up 0.24%

Buoyed by a firming trend in global markets, copper futures prices rose by 0.24% to Rs 415.70 per kg today as speculators enlarged positions.

At the Multi Commodity Exchange, copper for delivery in August rose by Rs 1, or 0.24%, to Rs 415.70 per kg, with a business turnover of 6,815 lots.

November copper moved up by 85 paise, or 0.23%, to Rs 421.15 per kg in 578 lots.

Marketmen said a firming trend overseas supported the uptrend in copper futures prices here.

Speculation that China, the world's largest user, will introduce stimulus policies raised the demand outlook for the metals.

 

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

Meanwhile, copper for delivery in three months traded a shade higher at $7,458 a tonne on the London Metal Exchange.