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Copper rebounds in futures trade on overseas trend

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Press Trust of India New Delhi
Last Updated : Jan 20 2013 | 12:52 AM IST

Copper traded Rs 5.60 or 1.81 per cent higher at Rs 314.30 per kg today after tracking a firming trend in the global markets.

Pick up in demand for the metal at domestic markets also supported the upside in the copper prices at futures market here.

On the Multi Commodity Exchange platform, copper for delivery in far-month November contract traded Rs 5.60, or 1.81 per cent higher at Rs 314.30 per kg, with an open interest of 94 lots.

The metal for delivery in June contract also recovered by Rs 4.70, or 1.54 per cent to Rs 310.60 per kg, with an open interest of 22,316 lots. It closed 0.22 per cent higher at Rs 305.90 per kg in the previous session.
    
Market analysts said, recovery at the London Metal Exchange and Shanghai, as the euro became steady after four-year lows against the dollar, which helped the copper prices to recover at futures market here.
    
Meanwhile, at the London Metal Exchange copper rose $190, or 2.92 per cent to $6,690 per tonne, while at Shanghai it rose 880 yuan, or 1.66 per cent at 54,010 yuan per tonne.

 

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First Published: May 20 2010 | 1:18 PM IST

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