NEW DELHI, July 27: Copper prices advanced by 0.09 per cent to Rs 429.30 per kg in futures trade today as speculators increased positions, driven by a firm trend in Asian markets.
Besides, pick up in demand from consuming industries at the domestic spot market fuelled the uptrend.
At the Multi Commodity Exchange, copper for delivery in August edged up by 40 paise, or 0.09 per cent, to Rs 429.30 per kg in business turnover of 514 lots.
Similarly, the metal for delivery in November was trading higher by 35 paise, or 0.08 per cent, to Rs 436.55 per kg in 13 lots.
Market analysts said sentiment in copper remained firm after Shanghai base metal prices rose, buoyed by a 20 per cent year-on-year jump in profits for China’s industrial companies in June, even as profit growth in the non-ferrous sector fell.
Shanghai copper edged up and is on course to gain 3.6 per cent this week, which would mark its first weekly rise in seven after fears of a global trade war dragged on the market.
Meanwhile, the most-traded September copper contract on the Shanghai Futures Exchange had inched up 0.1 per cent to 50,070 yuan (USD 8,676.56) a tonne. (PTI)
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