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Upbeat US demand outlook lifts Copper futures

By Religare
|

Copper futures rose in the domestic market on Friday as robust US jobless claims data signaled a pickup in the labour market recovery of the world's biggest economy, lifting the demand outlook for the base metal.

The number of Americans who filed for unemployment claims fell to the lowest level since 2007, down by 15,000 to 320,000 last week, the Labour Department said.

Homebuilder confidence in the US rose this month, a sign that the US housing recovery is gaining momentum. The gauge measuring homebuilder confidence in the US rose to 59 this month from 56 in July 2013. Manufacturing in the Philadelphia region expanded for the third month on the trot in August 2013.

 

At the MCX, copper futures for August 2013 contract were trading at Rs. 459.80 per 1 kg, up by 1.91 per cent, after opening at Rs. 451.90 against the previous closing price of Rs. 451.20. (At 11:43 AM).

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Story first published: Friday, August 16, 2013, 22:50 [IST]
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