NEW DELHI, Aug 22: Buoyed by a firm global trend and increased domestic demand, copper prices rose 1.05 per cent to Rs 476.85 per kg in futures trade today as speculators enlarged positions.
At the Multi Commodity Exchange, copper for delivery in August traded higher by Rs 4.95, or 1.05 per cent, to Rs 476.85 per kg in business turnover of 5,098 lots.
The metal for delivery in far-month November edged up by Rs 4.65, or 0.97 per cent, to Rs 482.70 per kg in 907 lots.
Globally, copper for delivery in three months climbed 1.5 per cent to USD 7,350 a tonne on the London Metal Exchange (LME), while at Shanghai Futures Exchange, it rose 0.40 per cent to 52,660 yuan ( USD 8,597) a tonne for delivery in December contracts.
Market analysts said apart from increased demand at domestic spot markets from consuming industries, a firming overseas trend after manufacturing index in China, the biggest user, increased in august from an11-month low, adding to signs the world’s second-biggest economy is stabilising, mainly influenced copper prices at futures trade here.
Besides, falling inventories also supported the upside, they said.
LME copper inventories declined 1 per cent to 566,925 tonnes, daily exchange data showed yesterday. (PTI)
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