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Copper rises on firm global cues, spot demand

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Press Trust of India New Delhi

Copper prices rose by 0.20% to Rs 430.75 per kg in futures trade today, as speculators created fresh positions on a firming global trend.

Pick-up in domestic demand at spot markets also influenced metal prices at futures trade.

At the Multi Commodity Exchange, April copper traded higher by 85 paise, or 0.20% to Rs 430.75 per kg in business turnover of 2,169 lots.

The June contract edged higher by 65 paise, or 0.19% to Rs 435.50 per kg in 153 lots.

Analysts said fresh buying by speculators in tandem with a firming global trend as recent fall was seen as excessive as stockpiles declined to the lowest level in more than three years, helped copper futures to trade higher.

Copper inventories monitored by the London Metal Exchange (LME) fell 1.1% to 255,450 tonnes, the lowest level since November, 2008.

Meanwhile, copper for three-month delivery advanced 0.9% to $8,363.25 a tonne at the LME.

 

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First Published: Mar 23 2012 | 11:28 AM IST

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