Copper closes higher on strong US data
17/11/2014 09:47
Copper prices ended higher in the domestic market on Friday as investors and speculators booked fresh positions in the industrial metal ahead of US retail sales data which may show a mild rebound in sales last month after a 0.3 per cent contraction in September. 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 550 metric tonnes to 159400metric tonnes as on November 14, 2014. However, the gains in copper were curbed by a worsening demand outlook in China after year on year industrial output growth slowed to 7.7 per cent in October 2014 from 8 per cent in September 2014. Copper prices may rise as investors now look ahead to upcoming US data which may determine the health of the world’s largest economy. At the MCX, Copper futures for November 2014 contract closed at Rs 415.60 per 1 kg, up by 2.09 per cent after opening at Rs 407.70 against the previous closing price of Rs 407.10. It touched the intra-day high of Rs 415.95 till the closing.
17/11/2014 09:47
Copper prices ended higher in the domestic market on Friday as investors and speculators booked fresh positions in the industrial metal ahead of US retail sales data which may show a mild rebound in sales last month after a 0.3 per cent contraction in September. 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 550 metric tonnes to 159400metric tonnes as on November 14, 2014. However, the gains in copper were curbed by a worsening demand outlook in China after year on year industrial output growth slowed to 7.7 per cent in October 2014 from 8 per cent in September 2014. Copper prices may rise as investors now look ahead to upcoming US data which may determine the health of the world’s largest economy. At the MCX, Copper futures for November 2014 contract closed at Rs 415.60 per 1 kg, up by 2.09 per cent after opening at Rs 407.70 against the previous closing price of Rs 407.10. It touched the intra-day high of Rs 415.95 till the closing.
