Copper futures edged higher on MCX as participants widened their positions in the industrial metal after supply in China’s domestic market tightened, more than offsetting a stronger dollar and expectations of ample supply next year. Further, investors globally eyed the slew of data this week that may yield more insight into metals demand, including 3rd quarter US GDP and PMI data from several developed economies, also added support to copper prices’ uptrend.
The contract for November delivery was trading at Rs 311.65, up by 0.23% or Rs 0.70 from its previous closing of Rs 310.95. The open interest of the contract stood at 41714 lots.
The contract for February delivery was trading at Rs 318.60, up by 0.20% or Rs 0.65 from its previous close of Rs 317.95. The open interest of the contract stood at 762 lots on MCX.