Copper futures rise on global cues, spot demand

At the Multi Commodity Exchange, copper for delivery in August traded higher by Rs 4.30, or 1.04 percent, to Rs 416.30 per kg in business turnover of 3,382 lots.

Supported by a firm global trend and increased domestic demand, copper prices rose by over 1 percent to Rs 416.30 per kg in futures trade today.

At the Multi Commodity Exchange, copper for delivery in August traded higher by Rs 4.30, or 1.04 percent, to Rs 416.30 per kg in business turnover of 3,382 lots. The metal for delivery in November edged up by Rs 4.05, or 0.97 percent, to Rs 421.70 per kg in 207 lots.

Also Read: MCX 100% Accurate Commodity Tips

Globally, copper for delivery in three months climbed 2.50 percent to USD 6,994 tonne on the London Metal Exchange, the highest since July 4, while at Shanghai Futures Exchange, it gained 2.7 per cent to 49,920 yuan (USD 8,138) a tonne. The metal for delivery in November edged up by Rs 4.05, or 0.97 percent, to Rs 421.70 per kg in 207 lots.

Market analysts said besides increased demand from consuming industries, a firm overseas trend after Federal Reserve Chairman Ben S. Bernanke said the US needs stimulative monetary policy for some time, mainly influenced copper prices at futures trade here.

Source: www.moneycontrol.com

Copper In A Fifth Straight Session Decline Mode

Copper declined for the fifth consecutive day on Wednesday on the speculation that the US Federal Reserve will not be continuing with its stimulus plans. The outlook of demand from China also posted big pressure on the prices.

LME three month prices were last seen trading at $ 7064 per tonne, compared to $ 7070 per tonne on Tuesday. The metal declined by $ 80 per tonne last night. On MCX, Copper was stable until the evening trades but reversed all the gains and chopped 1.5 percent of its value to end at Rs 410.8 per kg.

The metal tested a high of Rs 421.5 per kg and a low of Rs 410.6 per kg. Inventories of Copper were at 609250 tonnes on 11 June. The total stockpiles have increased by 90.3 percent on Monday. The worries of heavy stocks of Copper were tamed a bit after the report of Force Majeure in Freeport Grasberg mine.

Click here to get MCX Tips and Commodity market Tips. Max Commodity offers you the best investment & trading solutions in MCX Tips, Free Commodity Tips. Get best Intraday MCX free trial and Commodity Tips 100% Accuracy free trial for two days. Your trial will start for two days and MCX Tips will come on your mobile.
For more information kindly visit my website maxcommodity.com

The mine is expected to restart in about three month’s time and till that period the supplies will remain disrupted. Refined Copper markets showed a production surplus of 40000 tonnes in February 2013, this was due to low refined metal demand.

RBI intervention has given Indian Rupee some leg space. The domestic currency was sharply moving downwards until last night and tested a record low of 58.38 against the US Dollar. RBI purchases of Rupee have brought some gains in early Asian trades. The currency was trading at 58.24 per Dollar.

Other metals like Nickel also faced a sharp contraction when prices slipped to $ 14550 per tonne, down $ 395 per tonne on Tuesday. MCX Nickel was the worst performer in the base metals pack, ending at Rs 844.1 per kg, down 2.7 percent.

Source: www.commoditytrademantra.com

Copper In Tight Range Ahead Of US Payrolls

Copper prices moved in a tight range ahead of US nonfarm payrolls numbers. The prices declined by $ 114 per tonne last night on LME on the hearsay that US can reduce its stimulus measures. The prices were trading at $ 7360 per tonne very close to last night settlement at $ 7346 per tonne. Metals are expected to remain rangebound.

First-time claims for unemployment benefits in US registered a minor decline. The report said initial jobless claims dropped to 346000, a decrease of 11000 from the previous week’s revised figure of 357000. In other news, Governing Council led by ECB President Mario Draghi maintained the main refinancing rate at a record low 0.50 percent, in line with economist’s expectations.

The move came after a quarter-basis point reduction in May, the first rate cut in nine months. The bank also held the marginal lending facility rate at 1.50 percent, following a 50 basis points cut last month. The zero deposit rates was also left unchanged.

New orders in the German manufacturing sector fell more-than-expected in April as the ongoing economic crisis continued to weaken demand in the Eurozone, raising fears that the domestic economy might not sustain first quarter’s modest recovery. Click here to get Commodity Tips 100% Accuracy – MCX Copper Tips for Today, Copper Updates and Prices.

Factory orders declined 2.3 percent sequentially in April, reversing the previous month’s 2.3 percent increase, the Ministry of Economics and Technology said Thursday. The decline was faster than the 1 percent drop economists had forecast.

MCX Copper Price corrected by 1.75 percent to end at Rs 416.9 per kg. The prices tested a high of Rs 423.75 and a low of Rs 416.55 per kg. Further downfall is possible that can take prices close to Rs 414 and 413 per kg. Resistance for the contract is at Rs 425 per kg. Get daily Copper Updates on Mobile by sms just take free trial here: http://maxcommodity.com/free-trial/

Source: www.commoditytrademantra.com

Copper Remains Marching On Mine Closure

Long-drawn-out shutdown in world’s second biggest mine has underpinned Copper prices that are marching forward. The LME three month Copper prices were trading at 11 days high levels as it crossed $ 7400 per tonne. Copper has been gaining on account of higher spot premiums in China due to lower available quantity.

Meanwhile, Freeport Grasberg mine was closed down and is expected to remain closed for government investigation for a period of three months. Production outage can slash 150000 to 200000 tonnes of Copper supplies from the markets. Inventories of Copper are still at higher levels at 614075 tonnes, up 92 percent in 2013 so far.

MCX Copper closed down at Rs 420.5 per kg, up 1.2 percent. Further gains are expected in the markets with targets of Rs 422 kg. Supports for Copper are at Rs 416 and 414 levels. Click here to get more information about Copper Updates and more Commodity Tips. For Commodity Tips Free Trial visit here: http://maxcommodity.com/free-trial/

Markets are cheering few factors at the moment. One is the closure of Freeport mine, the other one is the rise of Euro against the Dollar. Dollar ended the trades at 1.3081 against the Euro, compared to 1.3069 on Monday.

Last week, COMEX Copper fund managers, Commitment of traders CoT report showed decline in the short positions while there was concurrent minor decrease of long positions by hedge fund managers. The total short positions declined by 899 contracts taking total short contracts number to 36038 contracts against 36937 contracts in the previous week

Source: www.commoditytrademantra.com

Copper Can Extend Losses In Remaining Session

Opening in Copper on MCX was on the downside. The prices were last trading at Rs 406.6 per kg, down 0.31 percent. It is expected that these losses can extend further dwon on account of delinking from international prices as LME and COMEX are closed for the day. Local level speculators will enjoy the absence of international markets.

Last week saw Copper bears exiting somewhat while no similar position was build up from the bulls side. The money managers are actually silent on the fate of Copper in coming weeks. Imports data of China pointed to a sluggish stance by the country. Oversupply is also the talk of the town in China. Get more Information about Copper Update and Commodity Sure Shot Tips just click on : http://maxcommodity.com/

Indian Copper can see supports of Rs 405-404 getting hit today further downside looks little difficult because the volumes will be lower till the international markets open. Resistance for the contract is at Rs 409 per kg.

Source: www.commoditytrademantra.com

If You are a trader in MCX Commodity Market and want to know more about Commodity market. We are here to give you best and Experts advice in the Market. More info on how to trade in MCX and Commodity market for Sure Shot Commodity Tips just fill the free trial form here: http://maxcommodity.com/free-mcx-tips-trial/