Copper extend gains in futures trade on global cues
Supported by a firming trend in base metals on the London Metal Exchange, copper extended yesterday's gains by rising 1.04 per cent to Rs 418.80 per kg in futures trade today.
A fall in stockpiles of metal at Shanghai Futures Exchange warehouses also influenced the sentiment.
At the Multi Commodity Exchange , copper for delivery in far-month November rose by Rs 4.30, or 1.04 per cent, to Rs 418.80 per kg, with a business turnover of two lots.
Similarly, contracts of the metal for June delivery gained Rs 4.05, or 1 per cent, to Rs 407.05 per kg, with a business turnover of 56 lots. June copper contracts had closed 0.59 per cent higher at Rs 403 per kg in the previous session.
Market analysts said the rise in copper prices in futures trade was mainly due to a firming trend on the London Metal Exchange after Goldman Sachs backed the metal's demand outlook, besides a decline in stockpiles of the metal in Shanghai Futures Exchange warehouses to the lowest level in seven months.
Meanwhile, three-month delivery copper rose 1.1 per cent to USD 8,958 per tonne at the London Metal Exchange.