Indian copper rises on global cues as spot demand
Post Date: 03 Aug 2013 Viewed: 334
BS reported that supported by a firming global trend and increased domestic demand, copper prices rose by 0.35% to INR 430.25 per kilogram in futures trade.
At the Multi Commodity Exchange, copper for delivery in far month November traded higher by INR 1.50 or 0.35% to INR 430.25 per kilogram in business turnover of 1,232 lots. The metal for delivery in August edged up by INR 1.40 or 0.33% to INR 422.95 per kilogram in 919 lots.
Globally, copper for delivery in three months rose 1.00% to USD 6,950 a tonne on the London Metal Exchange the highest since July 26 while at Shanghai Futures Exchange for delivery in November, it gained 0.90% to CNY 49, 640 per tonne.
Market analysts said that besides increased demand from consuming industries, a firming overseas trend after China's official manufacturing data unexpectedly strengthened suggesting demand from the world's largest consumer is improving.