Copper futures zoom 1.43% on global cues

Copper futures zoom 1.43% on global cues

24/11/2016 14:55

Copper futures rose over 1 per cent during afternoon trade in the domestic market on Thursday as investors and speculators extended their positions in the industrial metal on rising bets of inflation in China and the United States.

Moreover, signs of growing strength in the US manufacturing sector, too supported uptrend in copper prices at futures trade.

Also, strength in the US dollar on bets that the US Fed will raise interest rate in December, helped buoyed prices of copper.

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 401.50 per kg, up by 1.43 per cent, after opening at Rs 397, against a previous close of Rs 395.85. It touched the intra-day high of Rs 406.70 (at 14:34 hours).

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