Supply concerns lift Copper futures
29/10/2014 16:26
Copper prices rose by 0.21 per cent on Wednesday at the domestic markets as concerns over a disruption to supplies from the worlds third largest mine in Indonesia boosted prices. Workers at Freeport-McMoRan's Grasberg mine in Indonesian will hold a one-month strike starting next week Grasberg is one of the world's largest copper mines. At the MCX, copper futures for November 2014 contract were trading at Rs.420.65 per 1 kg, up by 0.21 per cent, after opening at Rs. 419.15 against the previous closing price of Rs. 419.75. It touched the intra-day high of Rs. 421.30 till the trading. (At 4.20 PM today).
However, gains were limited due to the surge in the copper stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME copper stocks rose by 1625 metric tonnes to 162675metric tonnes as on October 29, 2014.
29/10/2014 16:26
Copper prices rose by 0.21 per cent on Wednesday at the domestic markets as concerns over a disruption to supplies from the worlds third largest mine in Indonesia boosted prices. Workers at Freeport-McMoRan's Grasberg mine in Indonesian will hold a one-month strike starting next week Grasberg is one of the world's largest copper mines. At the MCX, copper futures for November 2014 contract were trading at Rs.420.65 per 1 kg, up by 0.21 per cent, after opening at Rs. 419.15 against the previous closing price of Rs. 419.75. It touched the intra-day high of Rs. 421.30 till the trading. (At 4.20 PM today).
However, gains were limited due to the surge in the copper stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME copper stocks rose by 1625 metric tonnes to 162675metric tonnes as on October 29, 2014.
