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Copper regained strength as its prices rose by 0.35 per cent to Rs 429.35 a kg in futures trade today, tracking firming trend at the London Metal Exchange (LME) on speculations of shortfall in the metal globally.
At the Multi Commodity Exchange, copper futures prices for delivery in April rose by Rs 1.50 or 0.35 per cent to Rs 429.35 a kg, with a business turnover of five lots. In yesterday’s trade, it had ended 1.7 per cent lower at Rs 427.85 a kg. Similarly, the metal for delivery in June gained Rs 1.35 or 0.31 per cent to Rs 434.80 a kg, with a business turnover of three lots.
Analysts said sentiments turned better at the domestic market here as copper and other base metals strengthened at the LME on expectations that the world will be short of the copper this year, even as China, the largest consumer of the metals, tightened liquidity to tame inflation.
Meanwhile, copper for three-month delivery at the LME gained 0.9 per cent to $9,482.50 a tonne.
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