NEW DELHI, Jan 23: Copper futures prices today rose marginally by 0.11 per cent to Rs 445.80 per kg as speculators created fresh positions, driven by rising spot demand.
However, metal’s weakness at the London Metal Exchange (LME) on record production of refined metal in China, limited the upside.
Analysts said the rise in copper prices at futures trade was largely on a firming trend at the spot markets on the back of rising demand from consuming industries but weakness in metal at the LME as China’s output of the refined metal climbed to a record high, limited the gain.
At the Multi Commodity Exchange, copper for delivery in far-month April traded higher by 50 paise, or 0.11 per cent, to Rs 445.80 per kg in business turnover of 238 lots.
The metal’s prices for delivery in February edged up by 40 paise, or 0.09 per cent to Rs 440.60 per kg in a turnover of 3,874 lots.
Meanwhile, copper for delivery in three months dropped 0.40 per cent to trade at USD 8,099.75 a tonne at the LME, while on the Shanghai Futures Exchange, the metal for May delivery lost 0.3 per cent to 58,730 yuan (USD 9,446) per tonne. (PTI)
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