Copper futures rise on global cues, spot demand

NEW DELHI: Supported by a firm global trend and increased domestic demand, copper prices rose by over 1 per cent to Rs 416.30 per kg in futures trade today.


At the Multi Commodity Exchange, copper for delivery in August traded higher by Rs 4.30, or 1.04 per cent, to Rs 416.30 per kg in business turnover of 3,382 lots.

The metal for delivery in November edged up by Rs 4.05, or 0.97 per cent, to Rs 421.70 per kg in 207 lots.

Globally, copper for delivery in three months climbed 2.50 per cent to USD 6,994 tonne on the London Metal Exchange, the highest since July 4, while at Shanghai Futures Exchange, it gained 2.7 per cent to 49,920 yuan (USD 8,138) a tonne.

Market analysts said besides increased demand from consuming industries, a firm overseas trend after Federal Reserve Chairman Ben S Bernanke said the US needs stimulative monetary policy for some time, mainly influenced copper prices at futures trade here. PTI SUN RS KPS

The metal for delivery in November edged up by Rs 4.05, or 0.97 per cent, to Rs 421.70 per kg in 207 lots.

Globally, copper for delivery in three months climbed 2.50 per cent to USD 6,994 tonne on the London Metal Exchange, the highest since July 4, while at Shanghai Futures Exchange, it gained 2.7 per cent to 49,920 yuan (USD 8,138) a tonne.

Market analysts said besides increased demand from consuming industries, a firm overseas trend after Federal Reserve Chairman Ben S. Bernanke said the US needs stimulative monetary policy for some time, mainly influenced copper prices at futures trade here.