NEW DELHI, July 15: Supported by a firming trend in the global markets, copper prices today rose by 0.47 per cent to Rs 427.70 per kg in futures trade as speculators indulged in enlarging positions.
At the Multi Commodity Exchange, copper for delivery in November edged up by Rs 2, or 0.47 per cent, to Rs 427.70 per kg in business turnover of 103 lots.
Likewise, the metal for delivery in August traded higher by Rs 1.85, or 0.44 per cent, to Rs 421.90 per kg in 1,899 lots.
Marketmen attributed the rise in copper futures to a firming trend in base metals at the London Metal Exchange (LME) after China’s economic growth in the second quarter met analysts’ expectations.
Also, pick-up in demand in the spot market further fuelled the uptrend, they said.
Meanwhile, copper rose 0.5 per cent to USD 6,985 a tonne at the LME, while on the Shanghai Futures Exchange, the metal for delivery in November rose 1 per cent to 50,190 yuan (USD 8,176) a tonne. (PTI)
Trending Now
E-Paper
Follow our WhatsApp channel