Copper Updates - Copper prices rose by 2.71 per cent on Wednesday after Italian consumer confidence rose more-than-expected last month signaling improving sentiment in the region which raised the demand for the metal. In a report, Italian National Institute of Statistics said that Italian Consumer Confidence rose to 118.9, from 117.7 in the preceding month whose figure was revised up from 117.6. Analysts had expected Italian Consumer Confidence to rise 117.0 last month. At the MCX, copper futures for February 2016 contract were trading at Rs.309 per 1 kg, up by 2.71 per cent, after opening at Rs. 301.55 against the previous closing price of Rs. 300.85. It touched the intra-day high of Rs. 309.90 till the trading. (At 4.40 PM today). However, gains were curbed 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 rose by 2950 metric tonnes to 241775 metric tonnes as on January 27, 2016.
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