Commodity updates: Copper futures were trading in the red in the domestic market on Friday as investors and speculators stayed cautious over booking fresh positions in the industrial metal after a plunge in the sales of previously owned homes in the US signaled a cooling housing market recovery in the world’s biggest economy, clouding the demand outlook for copper.
Sales of existing US homes fell 3.3 per cent to a 5.04 million annualized pace in April from the previous month, data showed on Thursday.
At the MCX, Copper futures for June 2015 contract is trading at Rs 402.50 per 1 kg, down by 0.09 per cent after opening at Rs 402.60, against the previous closing price of Rs 402.85. It touched the intra-day low of Rs 402.20
Mentha oil futures erased last session’s bears and traded in strong mode during the early hours of trading on Multi Commodity Exchange [MCX] Monday on technical correction.
Benchmark February contract in futures gained Rs 23.40 at Rs 1,090 a kg, budging in the range of Rs 1,094.40-1,075 a kg at 10:31 am IST. Volume of the contract stood at 812 lots so far.
Forward March contract traded Rs 23.60 up, at Rs 1,095 a quintal, and moved in the range of Rs 1,099-1,082. Volume of the contract so far was 233 lots.
