Copper futures ended higher in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal amid a firm overseas trend after a rise in US housing starts last month signaled an improving housing recovery in the world’s biggest economy, lifting the demand outlook for industrial metals. US housing starts rose 2.8 per cent to an annualized rate of 946,000 in March 2014 over the previous month.
At the MCX, copper futures for April 2014 contract closed at Rs. 404.70 per 1 kg, up by 1.19 per cent, after opening at Rs. 399.75, against the previous closing price of Rs. 399.95. It touched an intra-day high of Rs. 408.80.
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