NEW DELHI: Copper futures advanced on Thursday, with the December delivery contract rising by 0.27% to ₹809.40 per kilogram on the Multi Commodity Exchange (MCX). The upward movement was supported by increased spot demand and speculative interest, with trading volumes reaching 6,483 lots.
This surge reflects broader market trends, driven by demand from renewable energy initiatives and electric vehicle (EV) infrastructure projects. China’s recent $560 billion stimulus package and the Federal Reserve’s rate cuts have infused optimism into the market, supporting price stability and growth. Analysts predict continued upward momentum for copper as tighter supplies and a seasonal increase in demand bolster the market in Q4 2024.
Globally, copper remains pivotal to the energy transition, with its use in solar power, wind energy, and EVs projected to grow at a compound annual rate of 10.7% through 2034. This surge in demand highlights copper’s central role in achieving sustainability goals.
WEB TEAM, C6N
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