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Copper up on firm global cues, spot demand

Price went up as the US lawmakers sought to resolve a budget impasse

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Press Trust of India New Delhi

Copper futures prices today rose by 0.20% to Rs 441.70 per kg as speculators created fresh positions.

Besides, firm spot markets demand also influenced metal prices.

Analysts said the rise in copper prices was largely on the back of a firming trend at the London Metal Exchange (LME) after data showed the US labour market and housing strengthened, and as the US lawmakers sought to resolve a budget impasse.

Further, pick-up in demand at spot markets also supported the upside, they said.

At the Multi Commodity Exchange, the February contract traded higher by 90 paise, or 0.20%, to Rs 441.70 per kg in business turnover of 2,057 lots.

 

The April contract edged up by a similar margin to trade at Rs 445.90 per kg, with a business turnover of 128 lots.

Meanwhile, the contract in three months climbed 0.5% to $ 7,955.25 a tonne at the LME, the April contract went up 0.2% to 57,680 yuan ($ 9,252) a tonne on the Shanghai Futures Exchange, climbing for a fifth day.

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First Published: Dec 28 2012 | 11:28 AM IST

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