Copper gains on strong China demand
16/01/2015 16:29
Copper prices rose by 0.87 per cent on Friday at the domestic markets after China's move to boost lending measures helped ease fears about the outlook for demand. China's central bank will increase its relending quota by 50 billion yuan ($8 billion) this year, stepping up efforts to give targeted support to parts of the economy it sees as lagging. At the MCX, copper futures for February 2015 contract were trading at Rs.355.25 per 1 kg, up by 0.87 per cent, after opening at Rs. 353.50 against the previous closing price of Rs. 352.20. It touched the intra-day high of Rs. 356.65 till the trading. (At 4.26 PM today).
However, gains were limited 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 1675 metric tonnes to 200400 metric tonnes as on January 16, 2015.
16/01/2015 16:29
Copper prices rose by 0.87 per cent on Friday at the domestic markets after China's move to boost lending measures helped ease fears about the outlook for demand. China's central bank will increase its relending quota by 50 billion yuan ($8 billion) this year, stepping up efforts to give targeted support to parts of the economy it sees as lagging. At the MCX, copper futures for February 2015 contract were trading at Rs.355.25 per 1 kg, up by 0.87 per cent, after opening at Rs. 353.50 against the previous closing price of Rs. 352.20. It touched the intra-day high of Rs. 356.65 till the trading. (At 4.26 PM today).
However, gains were limited 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 1675 metric tonnes to 200400 metric tonnes as on January 16, 2015.
