Wednesday, June 10, 2015

Base Metals & Energy Updates for 10 June 2015

Copper prices rose by 0.17 per cent on Tuesday after disappointing Chinese inflation data added to speculation policymakers will have to introduce further stimulus measures to jumpstart the economy amid lackluster growth. Government data released earlier showed that Chinese inflation for May rose 1.2 per cent, below expectations for 1.3 per cent and down from 1.5 per cent in April. Disappointing trade data released on Monday indicated a recovery in the broader economy remains fragile and may need further government stimulus. At the MCX, copper futures for June 2015 contract were trading at Rs. 384.20 per 1 kg, up by 0.17 per cent, after opening at Rs. 384.20 against the previous closing price of Rs. 383.55. It touched the intra-day high of Rs. 385.70 till the trading.

Zinc futures edged up 0.80 per cent to Rs 138.40 per kg today after speculators built up bets on the back of rising demand in the domestic spot market amid a firming trend overseas. Zinc futures for June 2015 contract, at MCX, were trading at Rs 138.40 per kg, up by 0.80 per cent after opening at Rs. 137.45 against the previous closing price of Rs. 137.30. It touched the intra-day high of Rs. 138.80 till the trading.