Thursday, December 31, 2015

Today mcx copper remains dominant 31 Dec, 2015

Copper futures ahead in the native market on yesterday as investors, traders and speculators booked fresh positions in the industrial metal amidst hopes that production cuts in China may decrease a supply glut.

In Accordance with media reports, nine leading Chinese copper producers have agreed to cut production of the base metal by an overall 200,000 metric tons in the January-March 2015 Q(quarter).

China is the world’s largest consumer of copper, accounting for more than 40 per-cent of the metal’s world wide consumption.

The focus is now on China’s official factory data set for release on last week Friday which may show that manufacturing shrank for a fifth straight in Dec month, highlighting weakness in the manufacturing sector of the world’s second biggest economy.

Copper may retreat today on profit-booking by investors, after the stellar gains in newely sessions, and ahead of this New Year.

MCX : February 2016 contract for Copper futures ended at Rs 318.4 per kg, up by 0.55 per-cent after opening at Rs 316.25, as compared to the previous ending price of Rs 316.65. It reached the intra-day high of Rs 318.85.

Read More : Mcx copper tips