Copper slides on sluggish demand
28/11/2014 16:37
Copper prices fell by 0.93 per cent on Friday at the domestic markets as a strike at the Antamina copper mine in Peru ended after three-weeks, dimming concerns over tighter global copper supplies. BHP Billiton and Glencore’s copper and zinc mine in Peru will resume operations next week following the end of a three-week strike. Antamina is the worlds sixth biggest copper mine. At the MCX, copper futures for November 2014 contract were trading at Rs.399.90 per 1 kg, down by 0.93 per cent, after opening at Rs. 402.50 against the previous closing price of Rs. 403.65. It touched the intra-day low of Rs. 398.05 till the trading. (At 4.20 PM today).
Sentiment weakened further 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 2350 metric tonnes to 164300 metric tonnes as on November 28, 2014.
28/11/2014 16:37
Copper prices fell by 0.93 per cent on Friday at the domestic markets as a strike at the Antamina copper mine in Peru ended after three-weeks, dimming concerns over tighter global copper supplies. BHP Billiton and Glencore’s copper and zinc mine in Peru will resume operations next week following the end of a three-week strike. Antamina is the worlds sixth biggest copper mine. At the MCX, copper futures for November 2014 contract were trading at Rs.399.90 per 1 kg, down by 0.93 per cent, after opening at Rs. 402.50 against the previous closing price of Rs. 403.65. It touched the intra-day low of Rs. 398.05 till the trading. (At 4.20 PM today).
Sentiment weakened further 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 2350 metric tonnes to 164300 metric tonnes as on November 28, 2014.
