Commodities

Copper up on positive global cues

PTI New Delhi | Updated on July 04, 2011

Copper traded higher by 0.42 per cent in futures trade today supported by a firming trend in the base metals at the London Metal Exchange (LME) and pick up in domestic spot demand.

At the Multi Commodity Exchange, copper for delivery in November rose by Rs 2.80 or 0.42 per cent to Rs 433.55 per kg, with a business turnover of 559 lots.

Similarly, the metal for delivery in August edged up by Rs 1.65 or 0.39 per cent to Rs 427.55 per kg, with a trade turnover of 5,727 lots.

Market analysts attributed the recovery in copper futures prices to a firming trend in copper at the LME, after data last week showed that US manufacturing grew at a surprisingly strong pace in June, raising hopes that the global economy is starting to shake off recent weakness.

Meanwhile, copper for three-month delivery rose by 0.8 per cent to $ 9,519 a tonne at the LME.

Published on July 04, 2011

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