Copper gains on China demand hopes
24/11/2014 16:07
Copper prices rose by 0.21 per cent on Monday at the domestic markets after the first interest rate cut by China, the world’s biggest metals consumer, in more than two years boosted hopes of an economic revival, lifting the demand outlook for copper. The People’s Bank of China slashed the one-year lending rate by 0.4 percentage point to 5.6 per cent, while the one-year deposit rate was reduced by 0.25 percentage point to 2.75 per cent. At the MCX, copper futures for November 2014 contract were trading at Rs.413.70 per 1 kg, up by 0.21 per cent, after opening at Rs. 413.40 against the previous closing price of Rs. 412.85. It touched the intra-day high of Rs. 414.60 till the trading. (At 4.00 PM today).
However, gains were curbed 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 1025 metric tonnes to 161850 metric tonnes as on November 24, 2014.
24/11/2014 16:07
Copper prices rose by 0.21 per cent on Monday at the domestic markets after the first interest rate cut by China, the world’s biggest metals consumer, in more than two years boosted hopes of an economic revival, lifting the demand outlook for copper. The People’s Bank of China slashed the one-year lending rate by 0.4 percentage point to 5.6 per cent, while the one-year deposit rate was reduced by 0.25 percentage point to 2.75 per cent. At the MCX, copper futures for November 2014 contract were trading at Rs.413.70 per 1 kg, up by 0.21 per cent, after opening at Rs. 413.40 against the previous closing price of Rs. 412.85. It touched the intra-day high of Rs. 414.60 till the trading. (At 4.00 PM today).
However, gains were curbed 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 1025 metric tonnes to 161850 metric tonnes as on November 24, 2014.
