Copper futures up on China growth hopes, strong US data

Copper futures up on China growth hopes, strong US data

19/01/2017 15:56

Copper futures rose during evening trade in the domestic market on Thursday as investors and speculators extended their positions in the industrial metal on expectations of strong demand in top consumer China along with positive US economic signals.

According to Reuters poll, during the fourth quarter, Chinese economy is expected to grew by a steady 6.7 per cent, the same as in previous three quarters, helped by government spending and record bank lending.

Moreover, US data showed that December consumer prices rose the most y-o-y in 2-1/2 years as households paid more for gasoline and rent, signalling that inflationary pressures could be building, supported copper prices at futures trade.

At the MCX, copper futures for February 2017 contract is trading at Rs 394.50 per kg, up by 0.14 per cent, after opening at Rs 395.40, against a previous close of Rs 393.95. It touched the intra-day high of Rs 396.90 (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