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Copper futures edges higher as metal recovers at LME

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Press Trust of India New Delhi

Taking cues from recovery in base metals at the London Metal Exchange, copper recovered to trade by Rs 2, or 0.63 per cent higher, at Rs 306.30 per kg, in futures trade today.

Besides, pick up in demand at physical markets also supported the upside in copper futures. On the Multi Commodity Exchange platform, copper for delivery in November contract recovered by Rs 2, or 0.63 per cent, to Rs 306.30 per kg, with a turnover of 150 lots.

The metal for delivery in August contract also traded higher by Rs 1.80, or 0.60 per cent, to Rs 303 per kg, with a turnover of 3,834 lots. It ended 1.5 per cent down, at Rs 301.20 per kg, in yesterday's session.

 

Analysts said besides, recovery in copper and other base metals in early trade today after yesterday's meltdown, better spot demand, also helped the metal prices to rise in futures trade here.

Meanwhile, the three-month copper delivery traded 1.49 per cent higher, at $6,455 per tonne, at the London Metal Exchange in early trade today after falling by 2.38 per cent, in yesterday's trade.

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First Published: Jul 02 2010 | 1:20 PM IST

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