Yesterday, Copper futures closed higher in the native market as investors and speculators returned to bullish mode after a stock rebound in China, the world’s largest metals consumer, stemmed fears over a deepening gloom surrounding the Asian economic powerhouse, bolstering the requirement prospects for Copper. Click Mcx copper tips
China’s Shanghai Composite index which plunged a massive 23 per-cent over the past 5 trading sessions, bounced back today registering a gain of more than 2 per-cent amidst value buying and confidence over the impact of the latest interest rate cut move by the People's Bank of China that may help spur a recovery. However, gains were curbed due to the surge in the copper stockpiles at the London Metal Exchange (LME) on account of the weak requirement for the commodity.
LME copper stocks rose by 1400 metric tonnes to 370425 metric tonnes as on August 27, 2015. Copper prices may rise as traders keep an eye on upcoming global data. At the MCX, Copper futures contract for August 2015 ended at Rs. 339.85 per 1 kg, up by 3.27 per-cent after opening at Rs. 330.70 against the previous closing price of Rs. 329.10. It reached the intra-day high of Rs. 341.45 upto the time of closing.
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