Copper futures keep head above water

20/12/2016 15:55

Copper futures were trading higher during afternoon trade in the domestic market on Tuesday as investors and speculators widened their positions in the industrial metal on uptick in physical demand from consuming industries at the domestic market amid hopes of stronger economic growth in the US.

However, copper inventories rose 38,400 tonnes on Friday, exchange data showed, their biggest daily increase since July 2001. That took them to their highest in around 2 months, restricted further gains in copper prices at futures trade.

At the MCX, copper futures for February 2017 contract is trading at Rs 377.40 per kg, up by 0.47 per cent, after opening at Rs 375.20, against a previous close of Rs 375.65. It touched the intra-day high of Rs 378.30 (at 15:43 hours).

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