Indian copper prices rise on global cues as spot demand
Post Date: 05 Jun 2013 Viewed: 373
BS reported that Buoyed by a firm global trend and increased domestic demand, copper prices rose 0.91% to INR 415.60 per kilogram in futures trade.
At the Multi Commodity Exchange, copper for delivery in June traded higher by INR 3.75 or 0.91% to INR 415.60 per kilogram in business turnover of 5,774 lots. Copper for delivery in August edged up by INR 3.50 or 0.84% to INR 420.70 per kilogram in 391 lots.
Globally, copper for delivery in three months climbed 1% to USD 7,380 per tonne on the London Metal Exchange. At Shanghai Futures Exchange, the metal for September delivery rose 0.6% to CNY 53,020 per tonne.
Market analysts said that besides increased demand from consuming industries, a firming overseas trend, amid signs of stabilizing growth in China, the world's biggest buyer and a fall in stockpiles, mainly influenced copper prices at futures trade here.
Meanwhile, copper stockpiles monitored by the LME fell to 608,450 tonnes on May 31, marking the first monthly decline since September.