Monday, June 15, 2015

Mcx Commodity Tips and Updates for 15 June 2015

Copper futures closed with impressive gains in the domestic market on Friday as investors and speculators booked fresh positions in the industrial metal as a rebound in Euro area industrial output in April signaled a fastening recovery in the 19-member economy, lifting the demand outlook for copper. Euro area industrial production climbed by 0.1 per cent in April 2015 from the previous month, when it fell 0.4 %. However, uncertainty over the demand outlook in China, the world’s biggest metals consumer, coupled with ballooning stockpiles which have surged 92 per cent in the past year held back gains. On Thursday, copper stockpiles monitored by the London Metal Exchange (LME) soared by the most since March or by 3.1 per cent. Copper may extend an advance today as upbeat US consumer sentiment data signaled a recovery in the American economy, boding well for industrial metal demand.

At the MCX, Copper futures for June 2015 contract closed at Rs 380.70 per 1 kg, up by 0.48 per cent after opening at Rs 378.75, against the last closing price of Rs 378.90. It touched the intra-day high of Rs 380.95 till the closing.