Tag: Copper

Copper futures slump over 0.93% on global cues

Copper futures slump over 0.93% on global cues

20/03/2017 15:55

Copper futures fell during afternoon trade in the domestic market on Monday as investors and speculators exited their positions in the industrial metal tracking weak cues globally despite solid housing market in China, world’s top metals consumer.

Further, China’s red-hot property market picked up pace in February, with average new home prices in 70 major cities edging up in spite of a raft of new government curbs aimed at tempering speculative demand.

Besides, striking workers union at the world’s largest copper mine, BHP Billiton’s Escondida, in Chile called a fresh offer of talks by management to end a 39-day strike ‘manipulative’.

At the MCX, copper futures for April 2017 contract is trading at Rs 387.10 per kg, down by 0.93 per cent, after opening at Rs 389.55, against a previous close of Rs 390.75. It touched the intra-day low of Rs 386.55 (at 15:16 hours).

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Copper futures in reverse gear on dollar, Escondida talks

Copper futures in reverse gear on dollar, Escondida talks

09/03/2017 15:50

Copper futures fell over 1 per cent during afternoon trade in the domestic market on Thursday as investors and speculators exited their positions in the industrial metal on strong US dollar after solid US jobs data increased the likelihood of an interest rate hike next week, and on expectations that a disruption at the world’s biggest copper mine may soon ease.

US private sector job growth recorded its biggest increase in more than a year in February amid a rise in construction and factory hiring, suggesting the economy remains on solid growth path.

Moreover, BHP Billiton said that it may try to restart production at Escondida in Chile using temporary workers once the strike surpasses 30 days.

At the MCX, copper futures for April 2017 contract is trading at Rs 381.15 per kg, down by 1.09 per cent, after opening at Rs 385, against a previous close of Rs 385.35. It touched the intra-day low of Rs 380.30 (at 15:33 hours).

Copper futures in reverse gear on Fed rate hike hopes

Copper futures in reverse gear on Fed rate hike hopes

07/03/2017 15:44

Copper futures were trading lower during afternoon trade in the domestic market on Tuesday as investors and speculators exited their positions in the industrial metal as investors weighed the near-certain prospect of an interest rate hike in the US in March and ahead of the key economic data due later in the week.

The US monthly jobs report due to be released on Friday. Investors are expecting that the US Federal Reserve will raise interest rates at its upcoming policy meeting on March 14-15.

The higher US interest rates would diminish the demand for non-interest bearing assets while a higher dollar makes the commodities more expensive for buyers using other currencies.

At the MCX, copper futures for April 2017 contract is trading at Rs 389.50 per kg, down by 0.60 per cent, after opening at Rs 392.20, against a previous close of Rs 391.85. It touched the intra-day low of Rs 389.10 (at 15:41 hours).

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).

Copper futures down on strong dollar

Copper futures down on strong dollar

28/02/2017 15:48

Copper futures were trading lower during the afternoon trade in the domestic market on Tuesday as investors and speculators exited their positions in the industrial metal on strength in the US dollar.

At the MCX, copper futures for February 2017 contract is trading at Rs 394.40 per kg, down by 0.23 per cent, after opening at Rs 395.40, against a previous close of Rs 395.30. It touched the intra-day low of Rs 393 (at 15:50 hours).

Copper futures in reverse gear

Copper futures in reverse gear

09/02/2017 14:26

Copper futures fell during afternoon trade in the domestic market on Thursday as investors and speculators exited their positions in the industrial metal on caution ahead of the China trade data to be released on Friday.

However, supply risks as Goldman Sachs said in a report that, workers at the world’s largest mine in Chile set to strike and with Freeport-McMoRan Inc’s Grasberg mine in Indonesia yet to be granted a new export permit, restricted further fall in copper prices.

At the MCX, copper futures for February 2017 contract is trading at Rs 393.50 per kg, down by 0.24 per cent, after opening at Rs 395, against a previous close of Rs 394.45. It touched the intra-day low of Rs 392.70 (at 14:12 hours).

Crude oil futures climb after drop in US gasoline stocks

Crude oil futures climb after drop in US gasoline stocks

09/02/2017 13:51

Crude oil futures were trading higher during afternoon trade in the domestic market on Thursday as investors and speculators extended their positions in the energy commodity after an unexpected draw in the US gasoline inventories.

The US Energy Information Administration (EIA) on Wednesday reported that gasoline stocks fell by 869,000 barrels last week to 256.2 million barrels. This surprise rise in the US gasoline inventories had helped push up crude oil prices.

At the MCX, crude oil futures for February 2017 contract is trading at Rs 3542 per barrel, up by 0.80 per cent, after opening at Rs 3523, against a previous close of Rs 3514. It touched the intra-day high of Rs 3545 (at 13:39 hours).

Copper futures surge 0.92% on rise in demand

Copper futures surge 0.92% on rise in demand

06/02/2017 15:42

Copper futures rose during afternoon trade in the domestic market on Monday as investors and speculators extended their positions in the industrial metal on increase in demand due to weakness in the US dollar after mixed US jobs data released on Friday dampened expectations of near-term US Fed’s interest rate hike.

The US job growth grew better-than-expected in January as construction firms and retailers ramped up hiring, but wages barely rose, handing the administration under President Trump both a head start and a challenge as it seeks to boost the economy.

At the MCX, copper futures for February 2017 contract is trading at Rs 391.30 per kg, up by 0.92 per cent, after opening at Rs 390.30, against a previous close of Rs 387.75. It touched the intra-day high of Rs 392.20 (at 15:38 hours).

Copper futures in reverse gear

Copper futures in reverse gear

30/01/2017 14:35

Copper futures fell during afternoon trade in the domestic market on Monday as investors and speculators exited their positions in the industrial metal as China’s week-long Lunar New Year holiday drained the markets of liquidity and direction.

The China’s Shanghai Futures Exchange is closed for the Lunar New Year holiday through to February 2 and will reopen on February 3.

Besides, investors also remained warry on uncertainty over US policy after the Trump introduced immigration curbs that sparked criticism globally.

Trump’s move to ban entry of refugees and people from 7 Muslim majority countries mounted criticism and protests in major American cities.

At the MCX, copper futures for February 2017 contract is trading at Rs 404 per kg, down by 0.10 per cent, after opening at Rs 402.45, against a previous close of Rs 404.40. It touched the intra-day low of Rs 402.45 (at 14:26 hours).

Copper futures gain on dollar weakness

Copper futures gain on dollar weakness

24/01/2017 15:41

Copper futures rose during afternoon trade in the domestic market on Tuesday as investors and speculators extended their positions in the industrial metal on US dollar weakness amid concerns of US protectionism under the new President Donald Trump.

The dollar weakened on concerns about the impact of US President’s protectionist trade stance as he formally withdrew the US from the Trans-Pacific Partnership on Monday, saying he would seek one-on-one trade deals with countries that would allow Washington to quickly terminate them ‘if somebody misbehaves’.

At the MCX, copper futures for February 2017 contract is trading at Rs 399.05 per kg, up by 0.20 per cent, after opening at Rs 399, against a previous close of Rs 398.25. It touched the intra-day high of Rs 399.75 (at 15:34 hours).