Copper up 0.45% on firm global cues

Pick up in domestic demand fuels uptrend

Buoyed by a firming trend in the global markets, copper prices rose by Rs 1.95 to Rs 435.15 per kg in futures trading today as speculators created fresh positions.

At the Multi Commodity Exchange, copper for delivery in November rose by Rs 1.95, or 0.45%, to Rs 435.15 per kg, with a business turnover of 5,348 lots.

February copper traded higher by Rs 1.90, or 0.43%, to Rs 440.65 per kg, with a business turnover of 301 lots.

Marketmen said a firming trend overseas on speculation that moves by central banks around the world will stimulate growth and boost demand for industrial metals, helped copper to trade higher at futures trade here.

 

Pick up in domestic demand further fuelled the uptrend, they said.

Meanwhile, copper for delivery in three-months climbed 0.5% to $8,342 a tonne on the London Metal Exchange.