News // Metal market
Base Metals On The Rise
10 November 2008 , 11:12873
Base metals, after being hammered the most in previous trading on the futures market, rebound to hit upper circuits today on fresh spell of speculative buying by traders.
Firming trends at London Metal Exchange and pick-up in physical demand for industrial metals also supported the base metals to hit upper circuits.
All the three running contracts for copper hit upper circuits by gaining over four per cent at on the Multi Commodity Exchange.
Copper, for the most-active November contract climbed by 5.32 per cent at Rs 196.15 per kg with a significant business volume of 3,797 lots at the MCX.
Similarly, February contract moved up by 5.06 per cent at Rs 201.50 per kg in a turnover of 618 lots, while April increased by 4.01 per cent at Rs 203.50 per kg. It clocked business volume of one lot.
At the LME, copper for delivery in three months shot up by over eight per cent to 4,070 dollars a tonne.
Trading sentiment changed for the better after China -- the world's largest user of industrial metals -- unveiled a 586-billion dollar stimulus plan to prop-up growth, bolstering the demand prospects of industrial metals.
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