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Copper futures rallied by more than 2 per cent in the domestic market on Friday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for copper, in the domestic spot market.
Further, finance heads from the Group of 20 countries sought to revive confidence in the global economy with the People’s Bank of China Governor saying that the Chinese central bank had at its disposal, more monetary easing room to act and bolster economic growth in the world’s biggest metals consumer. China’s central bank also assured that there is no reason for yuan depreciation, bolstering confidence.
Copper may extend momentum today as upbeat US economic data bolsters outlook. At the MCX, Copper futures for February 2016 contract closed at Rs. 321.7 per 1 kg, up by 2.13 per cent, after opening at Rs. 316, against the previous closing price of Rs. 315. It touched the intra-day high of Rs. 326.45.
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