Copper gains by 3.2% on global cues
Speculators widened positions, buoyed by firm global trend
 "Copper gains by 3.2% on global cues")
Buoyed by firm global trend, copper prices rose Rs 9.90 to Rs 316.30 per kg in futures trade today as speculators widened positions.
The far-month February next year contract of copper rose by Rs 9.90, or 3.23%, to Rs 316.30 per kg at the Multi Commodity Exchange. It clocked a business turnover of 460 lots.
The metal for delivery in November was trading Rs 8.35, or 2.78% higher at Rs 308.50 per kg in a business turnover of 2,130 lots.
Analysts said a firming trend in the base metals pack led by nickel at the London Metal Exchange (LME) along with Chinese smelters considering production cuts to support prices amid a weak demand in the world's biggest consumer influenced copper futures here.
Besides, pick up in physical demand at the domestic spot market supported the upside, they said.
Meanwhile, copper for delivery in three months climbed 1.5% at the LME.
The far-month February next year contract of copper rose by Rs 9.90, or 3.23%, to Rs 316.30 per kg at the Multi Commodity Exchange. It clocked a business turnover of 460 lots.
The metal for delivery in November was trading Rs 8.35, or 2.78% higher at Rs 308.50 per kg in a business turnover of 2,130 lots.
Analysts said a firming trend in the base metals pack led by nickel at the London Metal Exchange (LME) along with Chinese smelters considering production cuts to support prices amid a weak demand in the world's biggest consumer influenced copper futures here.
Besides, pick up in physical demand at the domestic spot market supported the upside, they said.
Meanwhile, copper for delivery in three months climbed 1.5% at the LME.
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First Published: Nov 26 2015 | 11:42 AM IST