Upbeat US demand outlook lifts Copper
05/12/2014 09:31
Copper futures ended higher in the domestic market on Thursday as investors and speculators booked fresh positions in the industrial metal after a drop in the number of US filings for jobless claims signaled an improvement in the labour market of the world’s biggest economy, lifting the demand outlook for the base metal. US jobless claims fell by 17,000 to 297,000 in the week ended November 29, 2014. A fire at Mongolia’s biggest copper-and gold mine raised supply fears. A fire at the ore concentrator at Mongolia’s Oyu Tolgoi copper mine is being investigated, Turquoise Hill Resources Ltd., which co-owns the mine, said. Copper futures may rise today on optimism ahead of US jobs data to be released today which may show that the world’s biggest economy added more than 200K jobs for the tenth straight month in November. At the MCX, Copper futures for February 2015 contract closed at Rs. 403.90 per 1 kg, up by 1.32 per cent, after opening at Rs. 399.50, against the previous closing price of Rs. 398.65. It touched an intra-day high of Rs 405.90.
05/12/2014 09:31
Copper futures ended higher in the domestic market on Thursday as investors and speculators booked fresh positions in the industrial metal after a drop in the number of US filings for jobless claims signaled an improvement in the labour market of the world’s biggest economy, lifting the demand outlook for the base metal. US jobless claims fell by 17,000 to 297,000 in the week ended November 29, 2014. A fire at Mongolia’s biggest copper-and gold mine raised supply fears. A fire at the ore concentrator at Mongolia’s Oyu Tolgoi copper mine is being investigated, Turquoise Hill Resources Ltd., which co-owns the mine, said. Copper futures may rise today on optimism ahead of US jobs data to be released today which may show that the world’s biggest economy added more than 200K jobs for the tenth straight month in November. At the MCX, Copper futures for February 2015 contract closed at Rs. 403.90 per 1 kg, up by 1.32 per cent, after opening at Rs. 399.50, against the previous closing price of Rs. 398.65. It touched an intra-day high of Rs 405.90.
