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.

 

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MCX Copper Tips and Trend For Today

Copper Updates:

Today London Metal Exchange is closed due to diamond jubilee celebrations while at Comex electronic platform Copper is trading down by 1.2 percent. The Asian equities are also down by more than a percent owing to weak services PMI numbers from China and lower demand for vehicles and durables around the globe. Base metals at Shanghai are also trading down owing to weak domestic demand and deteriorating western development. In today’s session, metals may remain subdued, as the largest metals market would remain closed.

The red metal’s inventories on the LME warehouses increased around 4.4 percent to 230,875 tonnes on 1st June 2012 from the previous level of 223,500 tonnes on 25th May 2012. Weekly copper inventories at warehouses monitored by the Shanghai Futures Exchange decreased sharply by 6.6 percent to 147,044 tonnes last week.

The base metals pack is expected to trade on a range bound note today as the LME is closed today and tomorrow on account of Spring & Diamond Jubilee holiday. In the domestic markets, sharp downfall in prices will cushioned on account of depreciation in Indian Rupee.

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