The market remained a bit slackened in demand for the reason of blasts in Zaveri Bazaar yesterday; the metals still gained a considerate high.

Backed by immaculate growth in China’s economy, copper prices increased in futures trade by Rs. 1.25 per kg at Rs 434.25 per kg.

China is world’s biggest consumer for the said metal and the news of Chinese growth led to hike in copper’s price almost by 8%. Copper which is to be delivered in August increased by 0.29% - Rs. 1.25 i. e. 434.25 per kg targeting total business turnover to 11,052. Copper delivery scheduled for November rose to Rs. 440.05 per kg i. e. Rs. 1.10 (0.25%) increase in price with transaction of 937 lots.

The metals have been gaining firm position after Chinese growth news, but today increased demand for immediate delivery for the metal led to price rise in future’s trade.

Gold on the other hand extended gains for other session. Gold for August delivery on MCX traded at 22,965 rupees per 10 grams – 0.20 % high after hitting Rs. 22, 989 intraday. India is the biggest buyer of gold. Farmers are traditional buyers of this metal who are in middle of sowing season.

The demand and prices for the yellow metal is expected to boost up in the harvesting season.