Supported by a firming trend in base metals at the London Metal Exchange, copper extended yesterday’s gains by rising 1.04 per cent to Rs 418.80 per kg at the futures trade today.
A fall in stockpiles at the Shanghai Futures Exchange warehouses also influenced the sentiment.
At the Multi Commodity Exchange, copper for delivery in far-month November rose Rs 4.30 or 1.04 per cent to Rs 418.80 per kg with a business turnover of two lots.
Similarly, June contract gained Rs 4.05 or 1 per cent to Rs 407.05 per kg with a business turnover of 56 lots. June contract had closed 0.59 per cent higher at Rs 403 per kg in the previous session.
Market analysts said the rise in copper prices at the futures trade was mainly due to a firming trend at the London Metal Exchange after Goldman Sachs backed the metal’s demand outlook, besides a decline in stockpiles of the metal at the Shanghai Futures Exchange warehouses to the lowest level in seven months.
Meanwhile, three-month delivery copper rose 1.1 per cent to $8,958 per tonne at the London Metal Exchange.