Friday, June 7, 2013

Copper up 0.3% on spot demand, global cues

Copper for delivery in August traded higher by 0.2%. Copper prices up by 0.34% to Rs 418.30 per kg in futures trade today as speculators enlarged positions driven by pick up in spot demand and a firming global trend. At the Multi Commodity Exchange, MCX copper for delivery in June edged up by Rs 1.40, or 0.34%, to Rs 418.30 per kg in business turnover of 4,793 lots.  Likewise, copper for delivery in August traded higher by Rs 1.15, or 0.27%, to Rs 423.60 per kg in 366 lots.
Market analysts attributed the rise in copper futures to firm global trend amid growing concerns that a shutdown of the world's second-biggest mine will curb supplies and a weakening dollar may boost the appeal of metals as an alternative investment. Also, pick up in demand in the spot market further fuelled the uptrend, they said. Meanwhile, copper rose 0.6% to $7,376 a tonne on the London Metal Exchange.

Source : Business-Standard

1 comment:

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