Copper futures up on positive global cues
Copper for delivery in April gained 0.25,to Rs 417.25 per kg in business turnover of 27,439 lots.
Taking positive cues from overseas markets and increased domestic demand,copper prices gained Rs 1.05 to Rs 417.25 per kg in futures trade today as speculators enlarged their positions.
Sentiment remained firm after copper advanced in London,before the US existing home sales report that economists say will show growth.
At the Multi Commodity Exchange,copper for delivery in April gained Rs 1.05,or 0.25 per cent,to Rs 417.25 per kg in business turnover of 27,439 lots.
Likewise,the metal for delivery in June contract traded higher by 85 paise,or 0.20 per cent,to Rs 422.35 per kg in 2,304 lots.
Analysts said speculators’ enlarged positions,influenced by a firming global trend,mainly led to rise in copper prices at futures trade.
They said increased domestic demand further fuelled the uptrend in copper.
Meanwhile,copper climbed 0.1 per cent to USD 8,057 a tonne on the London Metal Exchange.
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