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Copper futures surge on spot demand

Press Trust of India  |  New Delhi 

Copper prices rose by 0.52 per cent to Rs 425.90 per kg in futures trade today as participants created fresh positions even as the metal weakened at the Metal Exchange.

At the Multi Commodity Exchange, copper for delivery in February next year traded higher by Rs 2.20, or 0.52 per cent, at Rs 425.90 per kg in a business turnover of 1,508 lots.

The metal for delivery in April moved by Rs 2.05, or 0.48 per cent, to trade at Rs 429.45 per kg in trading volume of 20 lots.

Analysts said the rise in copper prices at futures trade was mostly supported by a firm trend at spot markets on increased demand from consuming industries.

However, a weak trend at the Metal Exchange (LME) where the metal hit the lowest level in two months capped the gains, they added.

Globally, at the LME, copper closed 4.2 per cent lower at USD 6,542 per tonne yesterday, after touching its lowest level since October 5 at USD 6,533.50.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, December 06 2017. 10:45 IST