Copper prices edged higher by 0.06 per cent to Rs 456.40 per kg in futures trade Friday as participants raised bets on spot demand. On the Multi Commodity Exchange, copper contracts for July delivery rose by Rs 8.85, or 0.06 per cent, to Rs 456.40 per kg in a business turnover of 5,617 lots. Analysts said pick-up in demand at the spot market mainly led to the rise in copper prices in futures trade here.
Mainland China market commenced trading with firm footing as appetite for riskier assets underpinned after New York Fed President John Williams said on Thursday that policymakers need to add stimulus early to deal with too-low inflation when interest rates are near zero and cannot wait for economic disaster to unfold, in a speech read as a strong argument in favour of quick action. The comments by Williams made it a virtual certainty the Fed would opt to cut interest rates by 25 basis points (bps) at its July 30-31 policy meeting and also fuelled expectations of an even deeper 50 bp reduction.
Hatsun Agro Product was up 6.02% to Rs 746.8 at 12:51 IST on the BSE after net profit increased 35.2% to Rs 51.19 crore on 15.2% increase in net sales to Rs 1423.22 crore in Q1 June 2019 over Q1 June 2018.