Copper futures extend gains on improved demand from China

Copper futures traded up on MCX as investors and speculators booked fresh positions in the industrial metal as China vowed to fasten the pace of financial reforms, raising hopes of a growth rebound, lifting the demand outlook for industrial metals, given that China is the world’s biggest metals consumer. The contract for June delivery was trading at Rs 414.05,up by 0.49% or Rs 2.00 from its previous closing of Rs 412.05. The open interest of the contract stood at 15935.00 lots. The contract for August delivery was trading at Rs 416.40, up by 0.51% or Rs 2.10 from its previous closing of Rs 414.30. The open interest of the contract stood at 853.00 lots on MCX.