Copper futures up 0.19 per cent on global cues

NEW DELHI, June 11:  Copper prices moved up by 0.19 per cent to Rs 401.60 per kg in futures trade today as speculators created fresh positions on firm global cues.
At the Multi Commodity Exchange, copper for delivery in June traded higher by 75 paise, or 0.19 per cent, to Rs 401.60 per kg in a turnover of 690 lots.
Likewise, the metal for delivery in August edged up by 60 paise, or 0.15 per cent, to Rs 404.80 per kg in 33 lots.
Analysts attributed the rise in copper futures to a firm global trend as dwindling exchange inventories outweighed concern that a warehousing probe in the Chinese port of Qingdao will curb demand from the biggest user.
Globally, copper for delivery in three months rose 0.60 per cent, the most since June 2, to USD 6,712.50 per tonne at the London Metal Exchange (LME).
The metal for delivery in August rose 0.6 per cent to 47,780 yuan (USD 7,671) a tonne on the Shanghai Futures Exchange.
Meanwhile, inventories tracked by the LME, Shanghai and New York have slumped 47 per cent this year to to the lowest since 2008. (PTI)


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