Copper prices rose by 1 % on Thursday at the domestic markets as investors cheered reports of a cease-fire agreement between Russia and Ukraine. Russian President Vladimir Putin confirmed that a cease fire deal with Ukraine starting February 15 had been reached, following months of violence. The leaders of France and Germany helped broker the deal after nearly 12 hours of all-night peace talks.
At the MCX, copper futures for February 2015 contract were trading at Rs. 354.80/1 kg, up by 1%, after opening at Rs. 351 against the last closing price of Rs. 351.30. It touched the intra-day max of Rs. 355.25 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 increased by 4300 metric tonnes to 292750 metric tonnes as on 12 Feb 2015.
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