Copper futures up on overseas cues

Copper futures were trading higher during the afternoon trade in the domestic market on Tuesday as participants widened their bets in the industrial metal on rising demand from domestic markets amid tracking a firm trend overseas as China's property boom lent support to prices. A real estate boom and stronger than expected factory activity over summer has brightened the outlook for metals, with copper also finding support from earlier than expected consumer restocking.

 

A JP Morgan report said that, with summer coming to a close, copper demand conditions in China have improved markedly. At the MCX, copper futures for November 2016 contract is trading at Rs 324.20 per kg, up by 0.43 per cent, after opening at Rs 322.65, against a previous close of Rs 322.80. It touched the intra-day high of Rs 324.30.

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