Upbeat demand lifts Copper futures
16/09/2014 16:46
Copper prices rose by 0.33 per cent on Tuesday at the domestic market after the New York Federal Reserve’s index of manufacturing conditions improved at the fastest rate since October 2009 in September signaling improving sentiment in the region which raised the demand for the metal. The Federal Reserve Bank of New York said that its general business conditions index increased to 27.5 this month from a reading of 14.7 in August. Analysts had expected the index to rise to 16.0 in September. At the MCX, copper futures for November 2014 contract were trading at Rs.423.70 per 1 kg, up by 0.33 per cent, after opening at Rs. 422.75 against the previous closing price of Rs. 422.30. It touched the intra-day low of Rs. 424.25 till the trading. (At 4.42 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 50 metric tonnes to 156325 metric tonnes as on September 16, 2014.
16/09/2014 16:46
Copper prices rose by 0.33 per cent on Tuesday at the domestic market after the New York Federal Reserve’s index of manufacturing conditions improved at the fastest rate since October 2009 in September signaling improving sentiment in the region which raised the demand for the metal. The Federal Reserve Bank of New York said that its general business conditions index increased to 27.5 this month from a reading of 14.7 in August. Analysts had expected the index to rise to 16.0 in September. At the MCX, copper futures for November 2014 contract were trading at Rs.423.70 per 1 kg, up by 0.33 per cent, after opening at Rs. 422.75 against the previous closing price of Rs. 422.30. It touched the intra-day low of Rs. 424.25 till the trading. (At 4.42 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 50 metric tonnes to 156325 metric tonnes as on September 16, 2014.
