Copper futures snap 3-day losing run amid firm global demand

Snapping a three-day losing streak, copper prices on Wednesday rose Rs 3.45 to Rs 1,006.30 per kilogram in futures trade amid strong global cues.

On the Multi Commodity Exchange, copper futures for the December contract went up by Rs 3.45 to Rs 1,006.30 per kilogram from Tuesday's closing of Rs 1,002.85 per kg.

Copper prices also gained in the international markets.

On the London Metals Exchange (LME), copper futures rose by USD 53.30, or 0.50 per cent, to USD 10,751.30 per tonne. Similarly, the red metal futures on Comex also went up by 0.32 per cent to USD 4.98 per pound.

''The LME base metal is attempting a mild rebound, though gains are likely to remain capped as traders are awaiting the delayed US jobs report and key signals on the Fed's policy outlook,'' brokerage firm Kotak Securities said in a market note.

An expert said: ''Traders are likely to stay cautious ahead of key US data releases later this week, which could provide further impetus for industrial metals''.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)