Copper futures rise on global cues, spot demand
Buoyed by a firm global trend and increased domestic demand, copper prices rose by 0.52 per cent to Rs 450.85 per kg in futures trade today as participants created speculative positions.
At the Multi Commodity Exchange, copper for delivery in November traded higher by Rs 4.30, or 0.52 per cent, to Rs 450.85 per kg in business turnover of 942 lots.
Similarly, the metal for delivery in far-month February next contracts edged up by Rs 2, or 0.44 per cent, to Rs 461 per kg in a turnover of 37 lots.
Globally, copper for delivery in three months climbed 0.40 per cent to USD 7,142 a tonne on the London Metal Exchange.
Marketmen said besides increased demand from domestic consuming industries, a firming trend overseas before the release of US data that may help investors gauge when the Federal Reserve will begin tapering bond purchases, influenced copper prices at futures trade.
Meanwhile, commodity market regulator FMC has removed an additional 5 per cent margin from today on the future contracts of copper, aluminium, lead, nickel and zinc traded on the six national commodity exchanges till further orders.
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