Agri Business

Copper up as global stockpiles decline

PTI New Delhi | Updated on January 11, 2011 Published on January 11, 2011

Supported by firming trend at the London Metal Exchange (LME) as stockpiles diminished, copper futures prices traded 0.52 per cent higher at Rs 432.95 a kg on Tuesday.

Good demand at the spot market influenced metal prices at futures trade here. At the Multi Commodity Exchange counter, copper delivery for February edged up by Rs 2.25 or 0.52 per cent to Rs 432.95 a kg, with a business turnover of 3,695 lots.

Similarly, the metal for delivery in April traded higher by Rs 2.20 or 0.51 per cent to Rs 435.95 a kg, with a business turnover of 178 lots.

Market analysts said firming trend at the LME where copper’s stockpiles declined for the first time since early December to 378,300 tonnes, helped metal prices to trade higher at futures trade here.

Meanwhile, three-month copper at the LME gained 0.57 per cent, to $9,388 a tonne.

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Published on January 11, 2011
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