Copper futures surge on demand hopes

Copper futures surge on demand hopes

21/12/2016 15:55

Copper futures were trading higher during afternoon trade in the domestic market on Wednesday as investors and speculators widened their positions in the industrial metal as they are betting that stronger US and China economies next year would bolster demand for industrial metals.

In November, Chinese metal exports fell with its copper shipments at the lowest since January, customs data showed on Wednesday.

“Looking ahead, weak seasonality towards year-end (e.g. market quietness and wait and see attitude by European consumers) and price consolidation will lend less support to the short-term demand picture,” Argonaut Securities said.

At the MCX, copper futures for February 2017 contract is trading at Rs 377.50 per kg, up by 0.12 per cent, after opening at Rs 377.40, against a previous close of Rs 377.05. It touched the intra-day high of Rs 378.50 (at 15:44 hours).

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s