Wednesday, June 8, 2016

Commodity Tips: Copper higher on improved China trade data

Commodity Tips: Copper futures advanced during noon trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal after a stabilization in China’s exports and imports signaled an improved demand outlook in the economy of the world’s biggest metals consuming nation.

China’s exports fell by 4.1per cent in dollar terms, year on year, in May 2016, against an estimated drop by analysts of 6.8 per cent, while imports declined by only 0.4 per cent, the smallest drop since late 2014, signaling an easing slowdown in the world’s second biggest economy.

At the MCX, Copper futures for June 2016 contract were trading at Rs 304.25 per 1 kg, up by 0.38 per cent, after opening at Rs. 304.75, against the previous closing price of Rs. 303.35. It touched the intra-day high of Rs. 305.50 till the trading.