Friday, September 11, 2015

Copper prices Rose by 1.21 percent on Thursday
Copper prices rose by 1.21 per cent on Thursday as weak China inflation data reinforced views that Beijing will roll out fresh support measures soon for the world's second largest economy. Government data released earlier showed that Chinese producer prices fell by a more-than-expected 5.9 per cent in August, the 42nd straight monthly decline and the worst reading since October 2009. At the MCX, copper futures for November 2015 contract were trading at Rs. 367.50 per 1 kg, up by 1.21 per cent, after opening at Rs. 362.15 against the previous closing price of Rs. 363.30. It touched the intra-day high of Rs. 368 till the trading. (At 4.30 PM today). Sentiment improved further due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell by 2550 metric tonnes to 344300 metric tonnes as on September 10, 2015.