Base metal witnessed rally in the morning session of Indian future market today on the back of renewed buying interest among speculators tracking sustained rise in copper prices in the global markets. This triggered expectations that re-balancing of commodity indices might boost the metal`s influence.
At the NCDEX, Copper February contract moved up by 2.29% at Rs 173.90 (1.24 p.m., Wednesday) and April contract also gained by 5.81% at Rs 176.70. Similarly, MCX Copper February contract increased by 1.99% at Rs 173.95 and Copper April contract raised by 1.91% at Rs 176.20. The most-active far-month June contract for copper shot up by 3.14% to Rs 175.55 per kg.
MCX Aluminium January contract also gained 1.03% at Rs 78.15 per kg after opening at Rs 77.80 and February contract increased by 2.66% at Rs 79 after opening at Rs 78.25 in morning trade.
Lead futures also traded higher following the rally. Lead January contract climbed 1.53% at Rs 59.80 as against its previous closing of Rs 58.90.
