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Copper rebounds on global cues, spot demand

Speculators enlarged positions

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Press Trust of India New Delhi

Supported by a firming trend in global markets, copper futures prices recovered by 0.43% to Rs 444.40 per kg today as speculators enlarged positions.

At the Multi Commodity Exchange, the November contract for copper traded Rs 1.90, or 0.43%, to Rs 444.40 per kg, with a business turnover of 4,438 lots.

The February contract gained Rs 1.90, or 0.42%, to Rs 449.20 per kg, with a business turnover of 340 lots.

Marketmen said a firming trend overseas as Chinese users bought metal to create stocks ahead of a week-long holiday, mainly influenced copper prices at futures trade here.

Besides, pick-up in demand at the domestic spot market supported the upside, traders said.

Meanwhile, copper for the metal for delivery in three months climbed 0.80% to $8,244 per tonne on the London Metal Exchange.

 

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First Published: Sep 25 2012 | 1:31 PM IST

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