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Copper up 0.9% on global cues

Metal for delivery in far-month November contracts traded higher by 0.86%

Press Trust of India New Delhi
Copper prices rose by 0.94% to Rs 431.10 per kg in futures trade today as speculators created fresh positions, tracking a firm global trend.

Increased demand from consuming industries in spot market also supported the upside.

At the Multi Commodity Exchange, copper for delivery in August moved up by Rs 4, or 0.94% to Rs 431.10 per kg in business turnover of 4,318 lots.

Likewise, the metal for delivery in far-month November contracts traded higher by Rs 3.80, or 0.86% to Rs 438.30 per kg in 99 lots.

Analysts said fresh positions built-up by speculators in tandem with a firming global trend on better-than-expected manufacturing data from China, the world's largest user of industrial metals, mainly influenced copper prices at futures trade.
 
Meanwhile, copper for delivery in three months added 0.8% to USD 7,098.25 a metric tonne on the London Metal Exchange.

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First Published: Jul 24 2014 | 12:14 PM IST

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