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Copper Up On Pickup In Spot Demand
Copper futures rose during noon trade in the domestic market on Monday amid a firming global trend and pick up in spot demand. Marketmen attributed the rise in copper futures to a firming trend in base metals at the London Metal Exchange (LME). Further, rising demand from consuming industries at domestic spot markets supported the upside.
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At the MCX, copper futures for November 2016 contract is trading at Rs 314.20 per kg, up by 0.37 %, after opening at Rs 313.10, against a previous close of Rs 313.05. It touched the intra-day low of Rs 315.20.
Copper on MCX settled down -0.87% at 313.05 after Europe's biggest smelter cut the premium it will charge customers for copper cathode next year, highlighting over-supply and weak demand. Germany's Aurubis will offer 2017 copper cathode to customers at a premium of $86 a tonne to the LME average cash price, down 6.5% from a premium of $92 this year, the company said.
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