NEW DELHI, Aug 11: Buoyed by a firm global trend and increased domestic demand, copper prices rose by 0.45 per cent to Rs 431.85 per kg in futures trade today.
At the Multi Commodity Exchange, copper for delivery in August traded higher by Rs 1.95, or 0.45 per cent, to Rs 431.85 per kg in a business turnover of 812 lots.
Similarly, the metal for delivery in far-month November was up by Rs 1.85, or 0.40 per cent, to Rs 439.60 per kg in 25 lots.
Market analysts said a firming trend overseas after the metal’s stockpiles fell to a six-year low and on speculation that demand may rise in China after below-target inflation signalled room for policy easing in the world’s largest user, supported the upside in copper futures here.
Globally, copper for delivery in three months climbed 0.5 per cent to USD 7,031.50 a tonne at the LME.
Besides, rising demand from consuming industries influenced copper prices, they said.
Meanwhile, copper’s stockpiles tracked by the LME fell 61 per cent this year to 142,275 tons, the lowest since July 2008, while inventories monitored by the Shanghai Futures Exchange shrank 6.9 per cent to 100,946 tons last week, according data from the bourses. (PTI)
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