Copper futures up on overseas trend, spot demand
Copper prices moved up by 0.45 per cent to Rs 434.50 per kg in futures trade today amid a firming global trend and pick-up in spot demand.
At the Multi Commodity Exchange, copper for delivery in August was trading higher by Rs 1.95, or 0.45 per cent, to Rs 434.50 per kg, in a business volume of 1,824 lots.
The metal for delivery in November gained Rs 1.85, or 0.42 per cent, to Rs 440.75 per kg, in a business turnover of 1,274 lots.
Marketmen attributed the rise in copper futures to raising of bets by participants following a firm trend in base metals at the London Metal Exchange (LME).
Besides, rising demand from consuming industries at domestic spot markets supported the upside, they said.
Meanwhile, in yesterday's trade, copper for delivery in three months climbed 0.6 per cent, to USD 6,808 per tonne at the LME.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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