Copper rises on global cues, spot demand

Speculations that demand will increase in China spurred the price rise

Copper traded higher by 0.46% at Rs 441.35 per kg in futures trade today.

At the Multi Commodity Exchange, the February contract traded higher by Rs 2, or 0.46%, at Rs 441.35 per kg, with a business turnover of 2,986 lots.

The April contract rose by Rs 2, or 0.45% to Rs 443.60 per kg, clocking a business volume of 205 lots.

Marketmen said, as per the data, manufacturing in China expanded at the fastest pace in 19 months, boosting optimism that demand will improve in China thus influencing copper prices.

Besides, increased demand at domestic spot markets also supported the upside, they added.

 

Meanwhile, the contract in three months gained 0.8% to trade at $ 7,950 a tonne on the London Metal Exchange.