Copper prices rise by 0.22%

Copper prices rose on Friday as a result of upbeat US economy as new U.S. claims for unemployment benefits dropped to a fresh four-year low last week, offering evidence the jobs market recovery. At the MCX, copper futures for April 2012 contract were trading at Rs. 430.85 per 1 kg, up by 0.22%, after opening at Rs. 430.50 against the previous closing price of Rs. 429.90. It touched the intra-day high of Rs. 431.40 till the trading. (At 10.52 AM today). The US Labour Department said 348,000 initial jobless claims were filed in the week ending March 17, down from a revised 353,000 in the previous week. Three-month copper on the London Metal Exchange rose 0.77 percent to $8,354 a tonne Copper is a key ingredient in plumbing and wiring, making it most appetizing for developing and emerging economies on urban building sprees At COMEX, copper futures for May 2012 contract traded at US$3.7950 per pound, up by 0.007 per cent. It opened at US$3.7730 against the previous closing price of US$3.7655. It touched the intra-day high of US$3.7980 till the electronic trading. (At 09.49 am IST). Yesterday, prices fell after manufacturing data on China that showed factory activity in the world's top metals consumer shrank for a fifth month. The headline flash HSBC/Markit manufacturing purchasing managers' index fell to a four-month low of 48.1 in March from 49.6 in February