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Copper up 0.3% on short covering

Market analysts attributed the rise in copper futures to covering-up of short positions by speculators and rising spot demand

Press Trust of India New Delhi
Amid short covering by speculators and rising spot demand, copper futures prices today rose by 0.38% to Rs 401.10 per kg.

However, metal's weakness at the London Metal Exchange (LME) as China's outlook hurts demand, capped the gains.

At the Multi Commodity Exchange, copper for delivery in April rose by Rs 1.50, or 0.38%, to Rs 401.10 per kg, with a turnover of 1,284 lots.

Similarly, the metal for delivery in June was up by Rs 1.50, or 0.37%, at Rs 404.35 per kg, with a trade volume of 34 lots.

Globally, copper for three-month delivery rose 0.50% to $6,386 a tonne at the LME, while it fell by 0.60% to 44,140 yuan ($7,184) per tonne for June delivery in Shanghai.
 
Market analysts attributed the rise in copper futures to covering-up of short positions by speculators and rising spot demand but a weak trend in global markets on weakening economic data in China, the world's biggest consumer of metal, restricted gains.

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First Published: Mar 14 2014 | 1:00 PM IST

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