NEW DELHI: Copper futures surged today largely in tandem with global markets after the dollar weakened even as demand worries continued due to deepening global recession.
On the Multi-Commodity Exchange counter, far-month April contract spurted 2.69 per cent at Rs 151.05 per kg. The contract recorded business turnover of 786 lots.
Similarly, February contract rose 2.25 per cent to Rs 147.65 per kg in a turnover of 4,019 lots.
Marketmen said weaker dollar against the euro mainly sparked buying in copper and other commodities .
Short-covering at lower levels also supported recovery in copper prices, according to Harish Galipelli, head of research at Karvy Comtrade.
Other base metals also expected to show some signs of recovery as most of the industrial metals in heavily oversold. Meanwhile, copper in global markets jumped 2.3 per cent to USD 2,996.50 per tonne.
PNA Price at posting:
8.6¢ Sentiment: None Disclosure: Not Held
