Copper futures spurt on global cues, spot demand

New Delhi: Buoyed by positive global cues and increased domestic demand, copper prices rose 0.31 per cent to Rs 344 per kg in futures trade today. At Multi Commodity Exchange, copper for delivery in far-month November was trading higher by Rs 1.05, or 0.31 per cent, to Rs 344 per kg in a business turnover of 29 lots. Similarly, the metal for delivery in August was up by 90 paise, or 0.27 per cent, at Rs 337.05 per kg in 700 lots.

Analysts said a firming trend in copper at the London Metal Exchange (LME) where it rallied from its lowest level since 2009 as China’s government said it will continue to stabilize the stock market after shares slumped the most since 2007 on Monday,influenced metal prices at futures trade here. Furthermore, pick-up in industrial demand at domestic spot market supported the upside, they said. Globally, copper for delivery in three months gained 0.7 per cent to USD 5,225.50 per tonne at the LME .

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