Copper futures gain 0.11% on firm global cues

NEW DELHI, Dec 29:  Copper prices inched 0.11 per cent higher to Rs 472.80 per kg in futures market today after participants raised bets, taking positive cues from the global market.
At the Multi Commodity Exchange, copper for delivery in April was trading 50 paise, or 0.11 per cent, higher at Rs 472.80 per kg in business turnover of 17 lots.
On similar lines, the metal for delivery in February too up by 30 paise, or 0.06 per cent, at Rs 469.25 per kg in 1,917 lots.
Market analysts attributed the rise in copper futures to built-up of fresh positions by participants, tracking a firm trend in base metals at the London Metal Exchange (LME), reflecting bets on strong demand from China and reports of supply disruptions in top producer Chile.
Also helping copper was the lower US currency, down 10 per cent since the start of this year against a basket of other major currencies, making dollar-priced commodities cheaper for holders of other currencies.
At the LME, copper ended 0.7 per cent higher at USD 7,289 per tonne in yesterday’s trade. (PTI)


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