Commodities

Copper firms up on global cues

PTI New Delhi | Updated on January 31, 2011 Published on January 31, 2011

Copper futures prices rose 1.53 per cent to Rs 448.30 a kg on Monday, taking positive cues from the global markets on speculation that demand in China will pick up and fall in global stockpiles.

At the Multi Commodity Exchange, copper delivery for February edged up by Rs 6.75 or 1.53 per cent to Rs 448.30 a kg, with a business turnover of 27 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 Rs 6.75 or 1.52 per cent to Rs 451.20 a kg, with a business turnover of four lots.

Analysts said persistent rise in copper futures was mostly attributed to firming trend at the London Metal Exchange (LME) on expectations that demand from the world’s largest consumer of the metal China will pick up and dip in the stockpiles.

Copper stockpiles monitored by the Shanghai Futures Exchange fell for a second week to 129,250 tonnes last week.

Meanwhile, at the London Metal Exchange, copper for three-month delivery rose as much as 1.1 per cent to $9,637.75 a tonne. The metal had reached a record $9,781 a tonne on January 19.

Published on January 31, 2011
This article is closed for comments.
Please Email the Editor