Copper futures climb 0.96% on global cues

by - 4:13 pm

Copper futures surged during afternoon trade in the domestic market on Friday as investors and speculators extended their positions in the industrial metal after upbeat China trade data. China’s imports grew at the fastest pace in more than 2 years in the month of November, buoyed by its strong thirst for commodities, while exports too rose unexpectedly, thus reflecting a pick-up in both domestic and global demand.

                         Further, Chinese imports expanded 6.7% from a year earlier, easily eclipsing economists’ expectations for a drop of 1.3 % and its strongest gain since September 2014, official data showed on Thursday. While, exports grew 0.1 % from a year earlier, defying predictions for a 5 % slide. At the MCX, copper futures for February 2017 contract is trading at Rs 396.25 per kg, up by 0.96 per cent, after opening at Rs 395, against a previous close of Rs 392.50. It touched the intra-day high of Rs 397.80.

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