Copper gains on strong Chile data
06/02/2015 12:28
Copper prices rose by 0.56 per cent on Friday at the domestic markets after economic activity in Chile rose more-than-expected last month signaling improving sentiment in Chile, world’s largest producer of copper which raised the demand outlook for the metal. In a report, Banco Central de Chile said that Chilean Economic Activity rose to an annual rate of 2.9 per cent, from 1.3 per cent in the preceding month.
At the MCX, copper futures for February 2015 contract were trading at Rs.357.50 per 1 kg, up by 0.56 per cent, after opening at Rs. 355.60 against the previous closing price of Rs. 355.50. It touched the intra-day high of Rs. 357.50 till the trading. (At 11.59 AM 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 32500 metric tonnes to 284600 metric tonnes as on February 5, 2015.
06/02/2015 12:28
Copper prices rose by 0.56 per cent on Friday at the domestic markets after economic activity in Chile rose more-than-expected last month signaling improving sentiment in Chile, world’s largest producer of copper which raised the demand outlook for the metal. In a report, Banco Central de Chile said that Chilean Economic Activity rose to an annual rate of 2.9 per cent, from 1.3 per cent in the preceding month.
At the MCX, copper futures for February 2015 contract were trading at Rs.357.50 per 1 kg, up by 0.56 per cent, after opening at Rs. 355.60 against the previous closing price of Rs. 355.50. It touched the intra-day high of Rs. 357.50 till the trading. (At 11.59 AM 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 32500 metric tonnes to 284600 metric tonnes as on February 5, 2015.
