Copper futures higher on tighter supply
20/06/2014 10:45
Copper futures rose in the domestic market on Friday as investors and speculators booked fresh positions in the industrial metal tracking a firm trend in the overseas market amid concerns over tighter supply in China, the world’s biggest metals consumer. Investors are betting that China’s copper imports may fall amid a probe into financing transactions in the Qingdao port. The investigation has been undertaken to determine the possibility of fraudulent use of copper as collateral for loans. The probe may reduce bank lending to trading companies, experts say. At the MCX, copper futures for June 2014 contract is trading at Rs. 412.05 per 1 kg, down by 0.77 per cent, after opening at Rs. 409.90, against the previous closing price of Rs. 408.95. It touched an intra-day high of Rs. 412.40. (At 10:28 AM).
20/06/2014 10:45
Copper futures rose in the domestic market on Friday as investors and speculators booked fresh positions in the industrial metal tracking a firm trend in the overseas market amid concerns over tighter supply in China, the world’s biggest metals consumer. Investors are betting that China’s copper imports may fall amid a probe into financing transactions in the Qingdao port. The investigation has been undertaken to determine the possibility of fraudulent use of copper as collateral for loans. The probe may reduce bank lending to trading companies, experts say. At the MCX, copper futures for June 2014 contract is trading at Rs. 412.05 per 1 kg, down by 0.77 per cent, after opening at Rs. 409.90, against the previous closing price of Rs. 408.95. It touched an intra-day high of Rs. 412.40. (At 10:28 AM).
