ENM: Copper edges higher as metals recover overseas
NEW DELHI: Supported by recovery in base metals at the London Metal Exchange, copper traded in positive zone with prices rising by Rs 1.05, or 0.35 per cent, at Rs 304.80 per kg in futures trade today.
Besides, covering up of short positions by speculators and pick up in demand at physical markets also supported the uptrend in copper futures prices.
On the Multi Commodity Exchange platform, copper for delivery in August contract gained Rs 1.05, or 0.35 per cent, to Rs 304.80 per kg, with a business volume of 645 lots.
The metal for delivery in current-month June contract also traded higher by a rupee, or 0.23 per cent, to Rs 301.55 per kg, with a turnover of 725 lots.
It ended 4.23 per cent down at Rs 300.55 per kg, after the metal hit a one-week low at the London Metal Exchange in the previous session.
Analysts said positive trend in global markets and covering up short positions by speculators helped copper prices to recover at futures market here.
Meanwhile, three-month copper traded 0.17 per cent, higher at USD 6,505 per tonne at the London Metal Exchange. It dipped to hit a week low of USD 6,475 per tonne in the previous session.
