Supply fears lift Copper
19/02/2015 09:39
Copper futures surged in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal tracking a firm trend in the overseas market amid concerns that lower output at a BHP Billiton Ltd. Mine in Australia may lead to a smaller global surplus.
The world’s biggest mining company, BHP last week said that as much as 70,000 metric tons of production may be lost following an electric failure in a mill at the Olympic Dam Site.
Australia & New Zealand Banking Group which saw copper supply growth falling to 5.1 per cent from a previous estimate of 5.8 per cent this year due to reduced output at the above mentioned BHP Billiton mine predicted that global copper supply may exceed demand in 2015 by 120,000 tons.
Copper futures may rise today as robust Japanese exports data signaled a recovery in the world’s third biggest economy, lifting the demand outlook for industrial metals.
At the MCX, Copper futures for February 2015 contract closed at Rs 369.65 per 1 kg, up by 1.9 per cent after opening at Rs 364, against the previous closing price of Rs 362.75. It touched the intra-day high of Rs 371.6 till the closing.
19/02/2015 09:39
Copper futures surged in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal tracking a firm trend in the overseas market amid concerns that lower output at a BHP Billiton Ltd. Mine in Australia may lead to a smaller global surplus.
The world’s biggest mining company, BHP last week said that as much as 70,000 metric tons of production may be lost following an electric failure in a mill at the Olympic Dam Site.
Australia & New Zealand Banking Group which saw copper supply growth falling to 5.1 per cent from a previous estimate of 5.8 per cent this year due to reduced output at the above mentioned BHP Billiton mine predicted that global copper supply may exceed demand in 2015 by 120,000 tons.
Copper futures may rise today as robust Japanese exports data signaled a recovery in the world’s third biggest economy, lifting the demand outlook for industrial metals.
At the MCX, Copper futures for February 2015 contract closed at Rs 369.65 per 1 kg, up by 1.9 per cent after opening at Rs 364, against the previous closing price of Rs 362.75. It touched the intra-day high of Rs 371.6 till the closing.
