- MCX COPPER TRADING TIPS ALL TARGET HIT 755 TO 762.75
- MCX NICKEL TRADING TIPS ALL TARGET HIT 1291 TO 1308.70
Copper prices on Tuesday traded up 1.57 per cent at Rs 767.40 per kg in the futures market on the back of a pickup in spot demand.
On the Multi Commodity Exchange, copper contracts for delivery in May traded higher by Rs 11.85, or 1.57 per cent, at Rs 767.40 per kg in a business turnover of 4,884 lots.
Analysts attributed the rise in copper prices to the raising of bets by participants driven by the pickup in spot demand.
Here’s why steel, aluminium and copper prices have been rallying globally
Metal stocks continue to rally globally riding on a surge in steel, copper and aluminium prices.
Steel prices have been rallying for around six months now as the demand has been more than expected.
“Market has been excellent in the last few months, there has been good demand,” said VR Sharma, MD of JSPL in an interview with CNBC-TV18 recently. “… This is a pent-up demand coupled with true and real demand worldwide,” he added.
It’s a similar story for copper with the metal hitting decadal highs in 2021.
LME aluminium prices also hit a 3-years high earlier this month.
“Copper and aluminium prices will keep on being strong. The momentum is pretty strong because of the basic attitude towards the economic recovery on a worldwide scale,”.
(BY GOLD SILVER REPORTS / NEAL BHAI REPORTS)