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Copper traders in positive zone on short-covering, spot demand

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Press Trust of India New Delhi

Copper futures today rose by Rs 0.35, or 0.10 per cent, to Rs 353.10 per kg, as speculators covered-up their pending positions in view of monthly expiry.

Better demand at physical markets also supported the rise in copper futures.

At the at the Multi Commodity Exchange (MCX), the November contract traded higher by Rs 0.35, or 0.10 per cent, to Rs 353.10 per kg, with a business volume of 19,718 lots.

The contract for delivery in August-month contract also edged up by Rs 0.20, or 0.06 per cent, to Rs 350.85 per kg, clocked a turnover of 23,044 lots.

Analysts said firmness in copper in futures trade was mostly attributed to covering-up of short positions in view of monthly expiry and pick up in spot demand.

 

Besides, hopes of better global demand on prospects of economic growth in the US, also supported the upside in copper at futures market here, they said.

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First Published: Aug 30 2010 | 12:57 PM IST

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