Strong China demand outlook lifts Copper futures
23/09/2014 16:42
Copper prices rose by 0.17 per cent on Tuesday at the domestic markets after HSBC said that its gauge measuring China manufacturing climbed to 50.5 in September from 50.2 in August, with a reading above 50 signaling expansion indicating improving manufacturing activity in China, the world’s biggest metals user which raised the demand outlook for industrial metals. At the MCX, copper futures for November 2014 contract were trading at Rs.415.70 per 1 kg, up by 0.17 per cent, after opening at Rs. 415.90 against the previous closing price of Rs. 415. It touched the intra-day high of Rs. 417 till the trading. (At 4.17 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 1600 metric tonnes to 152100 metric tonnes as on September 23, 2014.
23/09/2014 16:42
Copper prices rose by 0.17 per cent on Tuesday at the domestic markets after HSBC said that its gauge measuring China manufacturing climbed to 50.5 in September from 50.2 in August, with a reading above 50 signaling expansion indicating improving manufacturing activity in China, the world’s biggest metals user which raised the demand outlook for industrial metals. At the MCX, copper futures for November 2014 contract were trading at Rs.415.70 per 1 kg, up by 0.17 per cent, after opening at Rs. 415.90 against the previous closing price of Rs. 415. It touched the intra-day high of Rs. 417 till the trading. (At 4.17 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 1600 metric tonnes to 152100 metric tonnes as on September 23, 2014.
