 "Copper marginally up on short-covering")
Amid short-covering by speculators and rising spot demand, copper futures prices today rose marginally by 0.21% to Rs 401.35 per kg.
However, a weak trend in base metals at the London Metal limited the fall.
At the Multi Commodity Exchange (MCX), the June contract rose by 85 paise, or 0.21%, to Rs 401.35 per kg in 3,592 lots.
Globally, copper for three-month delivery fell by 0.60% to $ 7,234 a tonne on the London Metal Exchange (LME).
Market analysts attributed the rise in copper futures to covering-up of short positions by speculators and rising spot demand but a weak trend on the LME after data showed US jobless claims rose and housing starts slumped, raising concern that demand from the second-biggest user is slowing, restricted gains.
However, a weak trend in base metals at the London Metal limited the fall.
At the Multi Commodity Exchange (MCX), the June contract rose by 85 paise, or 0.21%, to Rs 401.35 per kg in 3,592 lots.
More From This Section
The far-month August contract was up by 75 paise, or 0.19%, at Rs 405.20 per kg in 235 lots.
Globally, copper for three-month delivery fell by 0.60% to $ 7,234 a tonne on the London Metal Exchange (LME).
Market analysts attributed the rise in copper futures to covering-up of short positions by speculators and rising spot demand but a weak trend on the LME after data showed US jobless claims rose and housing starts slumped, raising concern that demand from the second-biggest user is slowing, restricted gains.