Business Standard

Copper up mariginally by 0.06%

The metal gained the most on LME

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Press Trust of India New Delhi

Tracking a firm global trend, copper futures prices today rose marginally by 0.06% to Rs 439.10 per kg as speculators created fresh positions.

Besides, rising demand at spot markets also influenced metal prices.

Analysts said the rise in copper prices at futures trade was largely on the back of a firming trend at the London Metal Exchange (LME) where the metal gained the most on one month on expectations that a recovering Chinese economy would boost demand from the world's largest metal consumer.

Further, pick up in demand at spot markets also supported the upside, they said.

At the Multi Commodity Exchange, the February contract traded higher by 25 paise, or 0.06%, to Rs 439.10 per kg in business turnover of 2,940 lots.

 

Likewise, the far-month April contract edged up by 35 paise, or 0.06 %, to Rs 443.40 per kg, with a business turnover of 102 lots.

Meanwhile, the contract in three months climbed 1.7% to trade at $ 7,945.10 a tonne at the LME, while on the Shanghai Futures Exchange, the April contract gained 0.6% to 57,480 yuan ($ 9,217) per tonne.

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First Published: Dec 27 2012 | 11:55 AM IST

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