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Copper gains 1.17% on global cues, spot demand

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Press Trust of India New Delhi
Last Updated : Sep 21 2018 | 11:10 AM IST

Amid firm global cues and upsurge in demand at the domestic spot market, copper prices climbed by 1.17 per cent to Rs 444 per kg in futures market Friday as speculators raised bets.

Besides, pick up in demand from consuming industries at domestic spot market, fuelled the uptrend.

At the Multi Commodity Exchange, copper for delivery in November rose by Rs 5.15, or 1.17 per cent to Rs 444 per kg in business turnover of 2902 lots.

Similarly, the metal for delivery in February contracts moved up by Rs 4.75, or 1.07 per cent to Rs 449.50 per kg in 144 lots.

Analysts said sentiment bolstered after London copper rose on Friday and was on track to post its biggest weekly advance in four weeks as investors viewed that trade tariffs would have a softer impact to global growth than earlier feared.

Globally, copper for delivery in three month rose 1 per cent to USD 6,140 a tonne , up nearly 3 per cent this week and close to its highest in more than one month on the London Metal Exchange.

Also, Shanghai Futures Exchange copper edged up 0.1 per cent to 49,510 yuan (USD 7,235) a tonne.

Disclaimer: No Business Standard Journalist was involved in creation of this content

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First Published: Sep 21 2018 | 11:10 AM IST

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