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Copper futures Prices up on strong global cues, spot demand

Jan 22 2013, 15:28 IST
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Buoyed by a firming trend in global markets as European finance ministers approved the next disbrusement of aid for Greece, copper futures prices rose by 0.41 per cent to Rs 438.10 per kg today as speculators enlarged positions.

At the Multi Commodity Exchange, copper for delivery in February up by Rs 7.80, or 0.41 per cent, to Rs 438.10 per kg, with a business turnover of 10,257 lots.

Similarly, the metal for delivery in far-month April traded higher by Rs 1.65, or 0.37 per cent, to Rs 443.30 per kg, with a business turnover of 558 lots.

Marketmen said a firming trend overseas as European finance ministers approved the next disbursement of aid for Greece and expectations of a recovery in the US and China, influenced copper prices at futures trade here.

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

Meanwhile, copper for the metal for delivery in three months climbed 0.7 per cent to USD 8,110 per tonne at the London Metal Exchange, while at Shanghai, the metal advanced 0.6 per cent to 58,520 yuan (USD 9,398) per tonne.

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