Copper gains on bullish China data, declining stockpiles
21/10/2014 16:05
Copper prices rose by 0.31 per cent on Tuesday at the domestic markets after Industrial production in China rose more-than-expected last month, official data showed on Tuesday signaling an improving industrial activity in China, world’s largest consumer of the metal which raised the demand prospects for the metal. National Bureau of Statistics of China said that Chinese Industrial Production rose to 8.0 per cent, from 6.9 per cent in the preceding month. At the MCX, copper futures for November 2014 contract were trading at Rs.408.15 per 1 kg, up by 0.31 per cent, after opening at Rs. 407.05 against the previous closing price of Rs. 406.90. It touched the intra-day high of Rs. 408.50 till the trading. (At 4.02 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 100 metric tonnes to 157625 metric tonnes as on October 21, 2014.
21/10/2014 16:05
Copper prices rose by 0.31 per cent on Tuesday at the domestic markets after Industrial production in China rose more-than-expected last month, official data showed on Tuesday signaling an improving industrial activity in China, world’s largest consumer of the metal which raised the demand prospects for the metal. National Bureau of Statistics of China said that Chinese Industrial Production rose to 8.0 per cent, from 6.9 per cent in the preceding month. At the MCX, copper futures for November 2014 contract were trading at Rs.408.15 per 1 kg, up by 0.31 per cent, after opening at Rs. 407.05 against the previous closing price of Rs. 406.90. It touched the intra-day high of Rs. 408.50 till the trading. (At 4.02 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 100 metric tonnes to 157625 metric tonnes as on October 21, 2014.
