ET:Copper futures marginally up on global cues, spot demand
NEW DELHI: Copper prices rose by 0.13 per cent in futures trade today as speculators created fresh position amid a firming trend overseas and pick-up in demand in the spot market.
At the Multi Commodity Exchange, copper for delivery in August traded marginally higher by 55 paise, or 0.13 per cent, to Rs 427.30 per kg, with a business turnover of 20,231 lots.
Similarly, the metal for delivery in November edged up by 55 paise, or 0.13 per cent, to Rs 431.40 per kg in 4,155 lots.
Marketmen said a firming trend overseas on speculation that policy makers from the US to China, the biggest consumers, would take more measures to stimulate growth, boosting demand for raw materials, influenced copper futures prices.
Meanwhile, copper for December delivery climbed 1.3 per cent to 56,350 yuan (USD 8,862) a tonne on the Shanghai Futures Exchange, the highest price for the most-active contract since July 20. The London Metal Exchange remained closed today for a public holiday.
