NEW DELHI, Mar 14: Amid short covering by speculators and rising spot demand, copper futures prices today rose by 0.38 per cent to Rs 401.10 per kg.
However, metal’s weakness at the London Metal Exchange (LME) as China’s outlook hurts demand, capped the gains.
At the Multi Commodity Exchange, copper for delivery in April rose by Rs 1.50, or 0.38 per cent, to Rs 401.10 per kg, with a turnover of 1,284 lots.
Similarly, the metal for delivery in June was up by Rs 1.50, or 0.37 per cent, at Rs 404.35 per kg, with a trade volume of 34 lots.
Globally, copper for three-month delivery rose 0.50 per cent to USD 6,386 a tonne at the LME, while it fell by 0.60 per cent to 44,140 yuan (USD 7,184) per tonne for June delivery in Shanghai.
Market analysts attributed the rise in copper futures to covering-up of short positions by speculators and rising spot demand but a weak trend in global markets on weakening economic data in China, the world’s biggest consumer of metal, restricted gains. (AGENCIES)
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