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Copper rises 0.4% on global cues

Pick up in domestic demand supports uptrend

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Press Trust of India New Delhi

Buoyed by a firming trend in the global markets, copper futures prices rose by 0.39% to Rs 435.15 per kg today as speculators enlarged positions.

At the Multi Commodity Exchange, copper for delivery in November rose by Rs 1.70, or 0.39%, to Rs 435.15 per kg, with a business turnover of 9,150 lots.

February copper moved up by Rs 1.60, or 0.37%, to Rs 439.60 per kg in 498 lots.

Marketmen said a firming trend overseas after the European Central Bank announced a bond-purchase plan to combat the debt crisis, strengthened the demand prospect for metals, supporting the rise in copper prices at futures trade.

 

Pick up in demand at the domestic spot market supported the uptrend, traders said.

Meanwhile, copper for delivery in three months traded 0.3% higher at $7,725 a tonne on the London Metal Exchange.

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First Published: Sep 07 2012 | 12:30 PM IST

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