Copper gains after Chile cuts supply forecast
08/04/2015 16:25
Copper prices rose by 0.03 per cent on Wednesday at the domestic markets as concerns over a disruption to supplies continued to support prices. Chilean state copper commission Cochilco said that the country is expected to produce 5.94 million tons of copper in 2015, down from a previous estimate of 6.0 million tons. Chile produces around a third of the world's copper and is the world's biggest exporter of the metal. At the MCX, copper futures for April 2015 contract were trading at Rs. 380.70 per 1 kg, up by 0.03 per cent, after opening at Rs. 380 against the previous closing price of Rs. 380.60. It touched the intra-day high of Rs. 382.40 till the trading. (At 4.25 PM today).
Sentiment improved further due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell by 2425 metric tonnes to 331000 metric tonnes as on April 8, 2015.
08/04/2015 16:25
Copper prices rose by 0.03 per cent on Wednesday at the domestic markets as concerns over a disruption to supplies continued to support prices. Chilean state copper commission Cochilco said that the country is expected to produce 5.94 million tons of copper in 2015, down from a previous estimate of 6.0 million tons. Chile produces around a third of the world's copper and is the world's biggest exporter of the metal. At the MCX, copper futures for April 2015 contract were trading at Rs. 380.70 per 1 kg, up by 0.03 per cent, after opening at Rs. 380 against the previous closing price of Rs. 380.60. It touched the intra-day high of Rs. 382.40 till the trading. (At 4.25 PM today).
Sentiment improved further due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell by 2425 metric tonnes to 331000 metric tonnes as on April 8, 2015.
