Copper futures gain on positive global cues
Copper futures prices rose 1.53 per cent to Rs 448.30 per kg today, taking positive cues from global markets on speculation that demand in China, will pick up and fall in global stockpiles.
At the Multi Commodity Exchange , copper delivery for February edged up by Rs 6.75, or 1.53 per cent, to Rs 448.30 per kg, with a business turnover of 27 lots. It ended 0.77 per cent higher at Rs 446.40 per kg in the previous session.
Similarly, the metal for delivery in April traded higher by Rs 6.75, or 1.52 per cent, to Rs 451.20 per kg, with a business turnover of four lots.
Analysts said the persistent rise in copper futures was mostly attributed to firming trend at the London Metal Exchange (LME) on expectations that demand the world's largest consumer of the metal China will pick up and dip in the stockpiles.
Copper stockpiles monitored by the Shanghai Futures Exchange fell for a second week to 129,250 tonnes last week.
Meanwhile, at the London Metal Exchange, copper for three -month delivery rose as much as 1.1 per cent to USD 9,637.75 per tonne. The metal had reached a record USD 9,781 per tonne on January 19.