SG:Indian copper rises on global cues as spot demand
BS reported that supported by a firm global trend and increased domestic demand, copper prices rose by 0.46% to INR 417.45 per kilogram in futures trade.
At the Multi Commodity Exchange, copper for delivery in August traded higher by INR 1.90 or 0.46% to INR 417.45 per kilogram in business turnover of 3,888 lots. The metal for delivery in November edged up by INR 1.95 or 0.46% to INR 424.25 per kilogram in 273 lots.
Globally, copper for delivery in three months rose 0.90% to USD 6,970 per tonne on the London Metal Exchange while at Shanghai Futures Exchange it gained 0.60% to CNY 49,970 per tonne.
Market analysts said that besides increased demand from consuming industries, a firm overseas trend after a Federal Reserve report showed a bigger than expected gain in regional US manufacturing, signalling improved demand prospects for the metals, mainly influenced copper prices at futures trade.
