Copper surges on robust US data
23/04/2015 12:08
Copper prices rose by 0.23 per cent on Thursday at the domestic markets as robust US housing data signaled a pickup in the world’s biggest economy, lifting the demand outlook for the metal. US home price gains accelerated in February while sales of previously owned homes rose at the fastest pace in four years last month.
Home prices climbed 0.7 per cent in February from the previous month, when they rose 0.3 per cent. US existing home sales rose 6.1 per cent to the highest level since September 2013 at 5.19 million annualized pace in March 2015.
At the MCX, copper futures for April 2015 contract were trading at Rs.372.80 per 1 kg, up by 0.23 per cent, after opening at Rs. 370.85 against the previous closing price of Rs. 371.95. It touched the intra-day high of Rs. 373.60 till the trading. (At 11.56 AM today).
However, gains were curbed as concerns over a bond default in China's construction sector continued to weigh. Shenzhen-based Kaisa Group Holdings became the first Chinese property developer to default on its dollar bonds after it confirmed it had failed to pay a coupon on two senior notes.
23/04/2015 12:08
Copper prices rose by 0.23 per cent on Thursday at the domestic markets as robust US housing data signaled a pickup in the world’s biggest economy, lifting the demand outlook for the metal. US home price gains accelerated in February while sales of previously owned homes rose at the fastest pace in four years last month.
Home prices climbed 0.7 per cent in February from the previous month, when they rose 0.3 per cent. US existing home sales rose 6.1 per cent to the highest level since September 2013 at 5.19 million annualized pace in March 2015.
At the MCX, copper futures for April 2015 contract were trading at Rs.372.80 per 1 kg, up by 0.23 per cent, after opening at Rs. 370.85 against the previous closing price of Rs. 371.95. It touched the intra-day high of Rs. 373.60 till the trading. (At 11.56 AM today).
However, gains were curbed as concerns over a bond default in China's construction sector continued to weigh. Shenzhen-based Kaisa Group Holdings became the first Chinese property developer to default on its dollar bonds after it confirmed it had failed to pay a coupon on two senior notes.
