New Delhi, Jan 5: Copper prices rose more than 1 per cent to Rs 1,306.45 per kg in futures trade on Monday, tracking firm trends in the global markets amid continuous supply concerns.
January, February
contracts gain on MCX
On the Multi Commodity Exchange, copper futures for January delivery rose Rs 19.35, or 1.5 per cent, to Rs 1,306.45 per kilogram, with a business turnover of 13,926 lots.
Similarly, the February contract for the red metal increased Rs 20.90, or 1.6 per cent, to Rs 1,324.60 per kg, in 4,771 lots.
Global copper prices surge on Comex and LME
On the global front, Comex copper futures for March delivery went up 3.2 per cent to USD 5.87 per pound, while the red metal on the London Metals Exchange (LME) rose by USD 334.75, or 2.67 per cent, to USD 12,849.70 per tonne.
Supply disruptions support prices
According to Axis Securities, copper futures were trading higher and hovering near record highs on Monday.
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The supply of copper has come under pressure following halted operations at Freeport-McMoRan’s Grasberg mine in Indonesia, which accounts for nearly 3 per cent of global supply, after a fatal incident, the brokerage said in a note.
(Disclaimer: Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)
