NEW DELHI, July 29: Buoyed by firm global trend, copper prices rose Rs 2.55 to Rs 350.75 per kg in futures trade today as speculators widened positions.
The far-month November contract of copper rose by Rs 2.55, or 0.73 per cent to Rs 350.75 per kg at the Multi Commodity Exchange. It clocked business turnover of 73 lots.
The metal for delivery in August was trading Rs 2.20, or 0.64 per cent higher at Rs 343.60 per kg in a business turnover of 1,543 lots.
Analysts said a firming trend in metal at the London Metal Exchange (LME) on signs of supply reductions after Freeport-McMoram Inc, the biggest publicly traded copper miner, said it will review plans and may trim output, influenced copper futures here.
Besides, rising physical demand at the domestic spot market supported the upside, they said.
Meanwhile, copper for delivery in three months climbed 0.7 per cent to USD 5,332.50 per tonne at London Metal Exchange, while at Shanghai the metal surged 2 per cent. (PTI)
Follow our WhatsApp channel