Copper futures up 0.10% on global cues

Copper futures up 0.10% on global cues

23/11/2016 14:41

Copper futures rose during afternoon trade in the domestic market on Wednesday as investors and speculators bet that rising energy prices would stoke inflation, while falling inventories also supported prices.

Moreover, signs of rising US inflation and further depreciation in the yuan, too supported uptrend in copper prices at futures trade.

Copper seems to be a cheaper hedge against inflation than precious metals.

At the MCX, copper futures for November 2016 contract is trading at Rs 383.60 per kg, up by 0.10 per cent, after opening at Rs 383.60, against a previous close of Rs 383.20. It touched the intra-day high of Rs 385.65 (at 14:23 hours).

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