Copper futures trade higher on MCX
30/12/2014 16:39
Copper prices rose by 0.47 per cent on Tuesday at the domestic markets after India's Finance Minister Arun Jaitley said that the economy is expected to grow "much better" in 2015/16 as compared with the current financial year which raised the demand outlook for the metal. The Indian economy grew by 5.3 percent in the September quarter from a year earlier, and is expected to grow 5.5 percent in the current financial year that ends on March 31. At the MCX, copper futures for February 2015 contract were trading at Rs.403.05 per 1 kg, up by 0.47 per cent, after opening at Rs. 402.40 against the previous closing price of Rs. 401.15. It touched the intra-day high of Rs. 404.15 till the trading. (At 4.34 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 400 metric tonnes to 172250 metric tonnes as on December 30, 2014.
30/12/2014 16:39
Copper prices rose by 0.47 per cent on Tuesday at the domestic markets after India's Finance Minister Arun Jaitley said that the economy is expected to grow "much better" in 2015/16 as compared with the current financial year which raised the demand outlook for the metal. The Indian economy grew by 5.3 percent in the September quarter from a year earlier, and is expected to grow 5.5 percent in the current financial year that ends on March 31. At the MCX, copper futures for February 2015 contract were trading at Rs.403.05 per 1 kg, up by 0.47 per cent, after opening at Rs. 402.40 against the previous closing price of Rs. 401.15. It touched the intra-day high of Rs. 404.15 till the trading. (At 4.34 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 400 metric tonnes to 172250 metric tonnes as on December 30, 2014.
