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Copper rises 0.37% on global cues

Reports that China is willing to invest in Europe's bond market influences prices

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Press Trust of India New Delhi

Copper prices rose by Rs 1.55 to Rs 424.20 per kg in futures trading today, tracking a firm trend in the global markets.

Besides, pick up in domestic demand pushed up copper futures prices.

At the Multi Commodity Exchange, copper for delivery in August rose by Rs 1.55, or 0.37%, to Rs 424.20 per kg, with a business turnover of 33,008 lots.

November copper traded higher by Rs 1.40, or 0.33%, to Rs 428.75 per kg, with a business turnover of 12,862 lots.

Marketmen said fresh positions created by speculators amid a firming global trend after reports that China, the world's largest consumer of metals, is willing to invest in Europe's bond market, potentially easing the region's debt crisis and improving the outlook for metals' demand, influenced copper prices at futures trade.

 

Meanwhile, copper rose 0.5% to $7,613.75 a tonne on the London Metal Exchange.

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First Published: Aug 30 2012 | 2:34 PM IST

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