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.
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