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Copper extends gains on short-covering, firm global trend

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Press Trust of India New Delhi

Copper futures today rose by Rs 2.65, or 0.79 per cent, to Rs 336.30 per kg at the Multi Commodity Exchange on speculative buying driven by firm global trends.

Better demand at physical markets also supported the rise in copper futures, marketmen said.

The August month contract traded higher by Rs 2.65, or 0.79 per cent, at Rs 336.30 per kg, with a business volume of 1,887 lots.

The contract for delivery in far-month November also edged up by Rs 2.60, or 0.77 per cent to Rs 339.55 per kg, clocking a turnover of 647 lots.

At the London Metal Exchange, three-month copper rose 1.8 per cent to USD 7,225.00 a tonne in early trade.

Analysts said that firmness in copper and other base metals at the London Metal Exchange, influenced trading sentiments here, but weak US housing data which raised demand concerns for base metals, capped upside.

In addition, covering-up of short positions by speculators pick up in demand at the physical market also supported the upside in the metal prices, they said.

 

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First Published: Aug 26 2010 | 2:22 PM IST

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