Copper Prices Rose By 0.37 % on Thursday After Spain’s Gross .

Copper prices rose by 0.37 per cent on Thursday after Spain’s gross domestic product rose last month signaling improving sentiment in the region which raised the demand outlook for the metal. In a report, Instituto Nacional de Estadistica said that Spanish GDP rose to 0.8 per cent, from 0.8 per cent in the preceding month. Analysts had expected Spanish GDP to rise 0.8 per cent last month. At the MCX, copper futures for June 2016 contract were trading at Rs.316.20 per 1 kg, up by 0.37 per cent, after opening at Rs. 315.60 against the previous closing price of Rs. 315.05. It touched the intra-day high of Rs. 317.10 till the trading.

However, gains were limited due to the surge in the copper stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME copper stocks rose by 725 metric tonnes to 155975 metric tonnes as on May 26, 2016.

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