Copper futures gain 1.82% on continued strike

Copper futures gain 1.82% on continued strike

01/03/2017 15:25

Copper futures jumped over 1 per cent during evening trade in the domestic market on Wednesday as investors and speculators extended their positions in the industrial metal as the market awaits further direction amid continued strike at the world’s largest copper mine.

The Escondida mine strike enters its third week with no sign of resolution and the global copper market as a whole looks to be moving into deficit.

Also, output remained halted at Indonesia’s copper mine Grasberg due to a contract dispute with government.

At the MCX, copper futures for April 2017 contract is trading at Rs 408.05 per kg, up by 1.82 per cent, after opening at Rs 401.20, against a previous close of Rs 400.75. It touched the intra-day high of Rs 409.25 (at 15:15 hours).

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