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Copper futures up 0.62 pc on global cues, spot demand

Business Finance

Press Trust of India  |  New Delhi 

Copper prices went up by 0.62 per cent to Rs 420.70 per kg in futures market today as speculators built up fresh positions, taking positive cues from the overseas market.

Uptick in demand from consuming industries at the domestic spot market too fulled the uptrend.

At the Multi Commodity Exchange, copper for delivery in August month rose by Rs 2.60, or 0.62 per cent to Rs 420.70 per kg in business turnover of 1046 lots.

In similar fashion, the metal for delivery in November contract was trading higher by Rs 2.60, or 0.61 per cent to Rs 427.85 per kg in 29 lots.

Market analysts said sentiment was bolstered after London copper ticked higher today as the dollar weakened against a basket of major currencies.

Meanwhile, three-month copper was up 0.2 percent at USD 6,190 a tonne on the London Metal Exchange. Also the most-traded October copper contract on the Shanghai Futures Exchange rose 0.3 per cent to 49,550 yuan (USD 7,286) a tonne.

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

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First Published: Wed, August 08 2018. 10:35 IST