Business Standard

Copper futures up 0.56% on global cues

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Press Trust of India New Delhi

Buoyed by a firming trend overseas and pick-up in spot demand, copper futures recovered by 0.56% to Rs 413.90 per kg today.

At the Multi Commodity Exchange, April copper rose by Rs 2.30, or 0.56%, to Rs 413.90 per kg, with a business volume of 163 lots.

The February delivery in February gained Rs 2.25, or 0.55%, to Rs 407.05 per kg, with a trade turnover of 2,236 lots.

Copper for three-month delivery shot up by 0.5% to $7,446 a tonne on the London Metal Exchange (LME), while at Shanghai Futures Exchange gained 1.5% to 54,570 yuan ($8,611) per tonne.

Market analysts attributed the rise in copper futures prices to a firming trend on the LME as an expansion in China's manufacturing raised hopes that demand for industrial metals will increase in the world's second-largest economy.

 

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First Published: Jan 03 2012 | 11:11 AM IST

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