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Copper futures rebound on global cues,spot demand

Copper futures prices recovered by 0.43 per cent to Rs 444.40 per kg.

Written by Agencies | New Delhi | Published: September 25, 2012 1:50:16 pm

Supported by a firming trend in global markets,copper futures prices recovered by 0.43 per cent to Rs 444.40 per kg today as speculators enlarged positions.

At the Multi Commodity Exchange,copper for delivery in November traded Rs 1.90,or 0.43 per cent,to Rs 444.40 per kg,with a business turnover of 4,438 lots.

Similarly,the metal for delivery in February gained Rs 1.90,or 0.42 per cent,to Rs 449.20 per kg,with a business turnover of 340 lots.

Marketmen said a firming trend overseas as Chinese users bought metal to create stocks ahead of a week-long holiday,mainly influenced copper prices at futures trade here.

Besides,pick-up in demand at the domestic spot market supported the upside,traders said.

Meanwhile,copper for the metal for delivery in three months climbed 0.80 per cent to USD 8,244 per tonne on the London Metal Exchange.

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