Base Metal: Copper futures in reverse gear in noon

In the domestic market on Thursday Copper futures were little changed during the afternoon trade as participants trimmed their positions in the industrial metal amid drop in physical demand for copper in the domestic spot market.

Moreover, the prices for copper declined in the domestic markets due to a fall in demand for metal at the futures trade.

At the MCX, for Nov. 2016 contract copper futures is trading at Rs 328.15 per kg, downward by 0.06 %, after opening at Rs 328.20, against a previous close of Rs 328.35. It touched the intra-day lower of Rs 327.85. 

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Commodity Watch: Copper futures rise on spot demand

In the domestic market Copper futures were trading high during the noon trade on Friday as participants extended their positions in the industrial metal amid hike in physical demand for copper in the domestic spot market.

Further, the price for copper in the domestic markets rose due to an increase in demand for the metal at the future trade. At the MCX, copper futures for Nov. 2016 contract is trading at Rs 321.50 per kg, upward by 0.14 %, after opening at Rs 320.80, against a last close of Rs 321.05. It touched the intra-day high of Rs 321.70.

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Today Copper futures drop during noon

In the domestic market Copper futures were trading lower during the afternoon trade on Thursday as participants exited their positions in the industrial metal on lower physical demand for copper form consuming industries coupled with weak overseas cues.

Further, the slide in prices for copper was attributed to a weak global trend where metal weakened and a decrease in demand form consuming industries at the domestic spot markets, too influenced copper prices at futures trade.

At the MCX, copper futures for Nov 2016 contract is trading at Rs 321.30 per kg, downward by 0.22 %, after opening at Rs 322.10, against a previous close of Rs 322. It touched the intra-day low of Rs 319.80.

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Copper updates & free stock tips for traders

Today, prices of Copper went high by 1.05 per-cent after the number of unemployed people in Germany fell more than estimated in Jan month, while the unemployment rate striked an all-time low indicating improving labor market in the region which increased the requirement outlook for the metal.Feb 2016 contract for copper futures were trading near Rs.313.40 per 1 kg, up by 1.05 per-cent, after unlocking at Rs. 309.50 as compared to previous ended price of Rs. 310.15.

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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.

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