Copper gains on upbeat German data
20/01/2015 16:08
Copper prices rose by 0.81 per cent on Tuesday at the domestic markets after German economic sentiment improved to the highest level in almost a year in January, easing concerns over the euro zone's largest economy which raised the demand outlook for the industrial metal. The ZEW Centre for Economic Research said that its index of German economic sentiment rose by 13.5 points to 48.4 this month from December’s reading of 34.9. At the MCX, copper futures for February 2015 contract were trading at Rs.355.65 per 1 kg, up by 0.81 per cent, after opening at Rs. 354.50 against the previous closing price of Rs. 352.80. It touched the intra-day high of Rs. 356.45 till the trading. (At 4.07 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 5625 metric tonnes to 210600 metric tonnes as on January 20, 2015.
20/01/2015 16:08
Copper prices rose by 0.81 per cent on Tuesday at the domestic markets after German economic sentiment improved to the highest level in almost a year in January, easing concerns over the euro zone's largest economy which raised the demand outlook for the industrial metal. The ZEW Centre for Economic Research said that its index of German economic sentiment rose by 13.5 points to 48.4 this month from December’s reading of 34.9. At the MCX, copper futures for February 2015 contract were trading at Rs.355.65 per 1 kg, up by 0.81 per cent, after opening at Rs. 354.50 against the previous closing price of Rs. 352.80. It touched the intra-day high of Rs. 356.45 till the trading. (At 4.07 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 5625 metric tonnes to 210600 metric tonnes as on January 20, 2015.
