Copper rises 0.57% on strong Japan data
27/01/2015 16:02
Copper prices rose by 0.57 per cent on Tuesday at the domestic markets after Japan's exports grew the most in a year in December, helped by a weak yen and a pick-up in overseas demand led by the United States, an encouraging sign for the recession-hit economy which raised the demand outlook for the metal. The 12.9 percent year-on-year rise in exports marked a fourth straight month of growth, supported by shipments of cars to the United States and of electronics parts to China. At the MCX, copper futures for June 2014 contract were trading at Rs.343.30 per 1 kg, up by 0.57 per cent, after opening at Rs. 343 against the previous closing price of Rs. 341.35. It touched the intra-day high of Rs. 345.60 till the trading. (At 4.00 PM today).
However, gains were curbed after data showed that profits at Chinese industrial companies fell the most since 2011, underlining concerns over the health of the world's second largest economy.
Gains were also 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 1375 metric tonnes to 238225 metric tonnes as on Jan 27, 2015
27/01/2015 16:02
Copper prices rose by 0.57 per cent on Tuesday at the domestic markets after Japan's exports grew the most in a year in December, helped by a weak yen and a pick-up in overseas demand led by the United States, an encouraging sign for the recession-hit economy which raised the demand outlook for the metal. The 12.9 percent year-on-year rise in exports marked a fourth straight month of growth, supported by shipments of cars to the United States and of electronics parts to China. At the MCX, copper futures for June 2014 contract were trading at Rs.343.30 per 1 kg, up by 0.57 per cent, after opening at Rs. 343 against the previous closing price of Rs. 341.35. It touched the intra-day high of Rs. 345.60 till the trading. (At 4.00 PM today).
However, gains were curbed after data showed that profits at Chinese industrial companies fell the most since 2011, underlining concerns over the health of the world's second largest economy.
Gains were also 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 1375 metric tonnes to 238225 metric tonnes as on Jan 27, 2015
