NEW DELHI, Nov 27: Buoyed by a firm global trend and increased domestic demand, copper prices rose 0.40 per cent to Rs 407.25 per kg in futures trade today, as participants created speculative positions.
At the Multi Commodity Exchange, copper for delivery in November month traded higher by Rs 1.75, or 0.40 per cent, to Rs 407.25 per kg in business turnover of 1,678 lots.
Metal for delivery in far-month February contracts edged up by Rs 1.30, or 0.26 per cent, to Rs 412 per kg in 669 lots.
Globally, copper for delivery in three months rose 0.30 per cent to USD 6,589.75 a tonne on the London Metal Exchange (LME), while in Shanghai Futures Exchange, it rose 0.40 per cent to 46,780 yuan (USD 7,626) a tonne.
Analysts said apart from increased demand at domestic spot markets from consuming industries, a firming overseas trend in base metals as China’s central bank signalled it will continue easing monetary policy to stimulate the economy, stoking speculation demand will rise in the world’s biggest metals user, mainly influenced copper prices at futures trade here. (PTI)
Trending Now
E-Paper
Follow our WhatsApp channel