Copper futures rise on global cues

Written by Agencies | New Delhi | Updated: Aug 31 2012, 19:21pm hrs
Buoyed by a firming trend in global markets, copper futures prices rose by 0.27 per cent to Rs 424.30 per kg today as speculators enlarged positions.

At the Multi Commodity Exchange, copper for delivery in August rose by Rs 1.15, or 0.27 per cent, to Rs 424.30 per kg, with a business turnover of 8,486 lots.

Similarly, the metal for delivery in November moved up by 50 paise, or 0.12 per cent, to Rs 427.80 per kg in 5,195 lots.

Marketmen said a firming trend overseas on speculation that US Federal Reserve Chairman may hint at more stimulus to revive economic growth, raising demand outlook for the metals, influenced copper futures prices here.

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

Meanwhile, copper for the metal for delivery in three months traded 0.3 per cent higher at USD 7,590.25 a tonne on the London Metal Exchange.