Commodities

Copper gains in futures trade

PTI New Delhi | Updated on January 19, 2011 Published on January 19, 2011

Continuing its upward march, copper futures prices rose 0.22 per cent to Rs 447.40 a kg on Wednesday, taking positive cues from global markets on expectations of pick up in demand.

Market analysts said speculation demand will outpace supply as the global economy extends a recovery and the decline in dollar supported the upside in copper futures prices here.

At the Multi Commodity Exchange, copper delivery for February edged up by Re 1 or 0.22 per cent to Rs 447.40 a kg, with a business turnover of 29 lots. It ended 0.77 per cent higher at Rs 446.40 a kg in the previous session.

Similarly, the metal for delivery in April traded higher by 95 paise or 0.21 per cent to Rs 450.05 a kg, with a business turnover of two lots.

Meanwhile, at the London Metal Exchange, copper for three-month delivery rose as much as 0.3 per cent to $9,725 a tonne. The metal had reached a record $9,754 a tonne on January 4.

At Shanghai Futures Exchange, the metal rose 0.6 per cent to a two-week high of 72,420 yuan ($10,997) a tonne.

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Published on January 19, 2011
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