Copper closes higher on strong demand
04/02/2015 09:09
Copper futures ended higher in the domestic market on Tuesday as a rally in oil and global equity markets lifted sentiment. Oil prices rallied as investors closed out bets on lower prices after data showed the number of U.S. oil drilling rigs had fallen by the most in nearly 30 years last week. Further, hopes that Greece’s new government would be able to reach a compromise with its international creditors on the terms of its bailout also helped lift sentiment. 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 225 metric tonnes to 250250 metric tonnes as on January 29, 2015. Copper prices may rise as traders keep an eye on upcoming global data. At the MCX, Copper futures for February 2015 contract closed at Rs. 353.10 per 1 kg, up by 3.58 per cent after opening at Rs. 343 against the previous closing price of Rs. 340.90. It touched the intra-day high of Rs. 354.45 till the closing.
04/02/2015 09:09
Copper futures ended higher in the domestic market on Tuesday as a rally in oil and global equity markets lifted sentiment. Oil prices rallied as investors closed out bets on lower prices after data showed the number of U.S. oil drilling rigs had fallen by the most in nearly 30 years last week. Further, hopes that Greece’s new government would be able to reach a compromise with its international creditors on the terms of its bailout also helped lift sentiment. 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 225 metric tonnes to 250250 metric tonnes as on January 29, 2015. Copper prices may rise as traders keep an eye on upcoming global data. At the MCX, Copper futures for February 2015 contract closed at Rs. 353.10 per 1 kg, up by 3.58 per cent after opening at Rs. 343 against the previous closing price of Rs. 340.90. It touched the intra-day high of Rs. 354.45 till the closing.
