SG:Indian copper futures rise on spot demand as global cues
PTI reported that Indian copper prices up by 0.34% to INR 418.30 per kilogram in futures trade as speculators enlarged positions driven by pick up in spot demand and a firming global trend.
At the Multi Commodity Exchange, copper for delivery in June edged up by INR 1.40 or 0.34% to INR 418.30 per kilogram in business turnover of 4,793 lots. Likewise, the metal for delivery in August traded higher by INR 1.15 or 0.27% to INR 423.60 per kilogram in 366 lots.
Market analysts attributed the rise in copper futures to firm global trend amid Growing concerns that a shutdown of the world's second biggest mine will curb supplies and a weakening dollar may boost the appeal of metals as an alternative investment. Also, pick up in demand in the spot market further fuelled the uptrend.
