Copper gains on strong demand prospects 30/12/2014

Copper gains on strong demand prospects
30/12/2014 11:29
Copper prices rose by 0.54 per cent on Tuesday at the domestic markets after Japan approved a USD 29 billion stimulus package to help revive the recession-hit economy which helped spur a revival in the economy, lifting the demand outlook for copper. At the MCX, copper futures for February 2015 contract were trading at Rs.403.30 per 1 kg, up by 0.54 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. 403.60 till the trading. (At 11.19 AM today). The London Metal Exchange (LME) copper stocks remained unchanged at 171850 metric tonnes as on December 29, 2014. However, gains were limited after Italian consumer confidence rose less-than-expected last month signaling weak sentiment in the region. Italian National Institute of Statistics said that Italian Consumer Confidence rose to 99.7, from 100.2 in the preceding month