Copper strengthens on firm global cues

Copper futures rose by 0.16% on the Multi-Commodity Exchange today as traders enlarged positions buoyed by a firming global trend.

At the Multi Commodity Exchange, copper for delivery in February rose by 70 paise, or 0.16%, to Rs 425.15 per kg, with a business volume of 3,671 lots.

The April contract moved up by 65 paise, or 0.15% to Rs 430.80 per kg, with a trading volume of 283 lots.

Analysts said a firming trend on the London Metal Exchange (LME) as Greece's parliament approved austerity measures and China's premier said it should start fine-tuning economic policies, mainly influenced copper prices at futures trade here.

 

In addition, increased demand from consuming domestic industries boosted sentiments, they said.

Globally, copper for delivery in three months was trading 0.80% higher at $8,548 per tonne on the London Metal Exchange in early trade today.