Commodity market news for Copper futures

Copper futures were trading higher in the domestic market on Friday as upbeat US jobless claims data and a cut in interest rates by the European Central Bank (ECB) improved the outlook for the global economy, bolstering the demand prospects for the base metal. 

US unemployment claims last week fell to the lowest level in more than five years, down by 18,000 to 324,000 last week, the lowest level since January 2008, the Labour Department said in a report.

Further, the ECB lowered its main refinancing rate or its benchmark interest rate to 0.50 per cent from 0.75 per cent in a bid to help revive the Euro area economy, boosting the demand prospects for the base metal. 

At the MCX, Copper futures, for the June 2013 contract, is trading at Rs 385.35 per kg, up by 3.55 per cent, after opening at Rs 373, against a previous close of Rs 372.15. It touched an intra-day high of Rs 386.20. (At 15:36 PM).

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