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Copper futures rise on global cues,spot demand

copper futures prices rose by 1.28 per cent to Rs 461.20 per kg.

Buoyed by a firming trend in global markets,copper futures prices rose by 1.28 per cent to Rs 461.20 per kg today as speculators enlarged positions.

At the Multi Commodity Exchange,copper for delivery in November rose by Rs 5.85,or 1.28 per cent,to Rs 461.20 per kg,with a business turnover of 16,422 lots. Similarly,the metal for delivery in February traded higher by Rs 5.80,or 1.26 per cent,to Rs 466 per kg,with a business turnover of 1,351 lots.

Marketmen said a firming trend overseas after the US Federal Reserve announced fresh round of stimulus to revive the world’s biggest economy,boosting demand outlook for the metals,influenced copper futures prices here.

Besides,pick-up in demand at the domestic spot market supported the upside,traders said.

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Meanwhile,copper for the metal for delivery in three months climbed 2.9 per cent on the London Metal Exchange.

First published on: 14-09-2012 at 12:50:47 pm
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