Copper surges on strong euro area data
13/02/2015 16:16
Copper prices rose by 0.41 per cent on Friday at the domestic markets after the Gross domestic product in the euro zone rose more-than-expected in the last quarter signaling improving sentiment in the region which raised the demand outlook for the metal. In a report, Eurostat said that GDP rose to a seasonally adjusted 0.3 per cent, from 0.2 per cent in the preceding quarter. At the MCX, copper futures for February 2015 contract were trading at Rs. 359.25 per 1 kg, up by 0.41 per cent, after opening at Rs. 359 against the previous closing price of Rs. 357.80. It touched the intra-day high of Rs. 362.50 till the trading. (At 4.03 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 2550 metric tonnes to 295300 metric tonnes as on February 13, 2015.
13/02/2015 16:16
Copper prices rose by 0.41 per cent on Friday at the domestic markets after the Gross domestic product in the euro zone rose more-than-expected in the last quarter signaling improving sentiment in the region which raised the demand outlook for the metal. In a report, Eurostat said that GDP rose to a seasonally adjusted 0.3 per cent, from 0.2 per cent in the preceding quarter. At the MCX, copper futures for February 2015 contract were trading at Rs. 359.25 per 1 kg, up by 0.41 per cent, after opening at Rs. 359 against the previous closing price of Rs. 357.80. It touched the intra-day high of Rs. 362.50 till the trading. (At 4.03 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 2550 metric tonnes to 295300 metric tonnes as on February 13, 2015.
