Copper rises by 0.1% on positive global cues
Speculators enlarged positions amid a firm trend at spot market on rising demand
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Tracking a firming trend overseas and a pickup in domestic demand, copper prices edged up by 0.05% to Rs 368.95 per kg in futures trade today as speculators enlarged positions.
At the Multi Commodity Exchange, copper for delivery in June month traded higher by 20 paise, or 0.05% to Rs 368.95 per kg in business turnover of 793 lots.
Similarly, the metal for delivery in August contracts edged up by a similar margin to Rs 373.35 per kg in 63 lots.
Analysts said speculators enlarged positions on the back of firm global trend as China proposed removing a rule that caps lending by commercial banks, seen as another step to maintain growth in the world's largest metals consumer, mainly buoyed sentiment here.
Globally, copper for delivery in three months advanced 0.5% to $5,769 a metric tonne on the London Metal Exchange.
Increased demand from consuming industries in the spot market also supported the upside, they said.
At the Multi Commodity Exchange, copper for delivery in June month traded higher by 20 paise, or 0.05% to Rs 368.95 per kg in business turnover of 793 lots.
Similarly, the metal for delivery in August contracts edged up by a similar margin to Rs 373.35 per kg in 63 lots.
Analysts said speculators enlarged positions on the back of firm global trend as China proposed removing a rule that caps lending by commercial banks, seen as another step to maintain growth in the world's largest metals consumer, mainly buoyed sentiment here.
Globally, copper for delivery in three months advanced 0.5% to $5,769 a metric tonne on the London Metal Exchange.
Increased demand from consuming industries in the spot market also supported the upside, they said.
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First Published: Jun 25 2015 | 11:13 AM IST