NEW DELHI, May 23: Tracking a firming trend in global market and rising spot demand, copper prices rose further by 0.27 per cent to Rs 408.55 per kg in futures trade today.
At the Multi Commodity Exchange, copper for delivery in June traded higher by Rs 1.10, or 0.27 per cent, to Rs 408.55 per kg in business turnover of 717 lots.
The metal for delivery in August edged up by 85 paise, or 0.21 per cent, to Rs 410.85 per kg in 17 lots.
Globally, copper for delivery in three months traded a shade higher at USD 6,874 a tonne on the London Metal Exchange. At Shanghai Futures Exchange, the metal for August delivery rose 0.4 per cent to 48,430 yuan (USD 7,763) a tonne.
Market analysts said besides increased demand from consuming industries, a firming overseas trend, on improving factory output in China and the US, the world’s largest consumers of the metal, and shrinking stockpiles, influenced copper prices at futures trade here.
Meanwhile, copper stockpiles monitored by the LME fell for the 22nd day to 177,350 tonnes, the lowest level since September 2008. (PTI)
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