Copper Tries Go Gain Momentum After Slack Thursday Trades

Copper is trying to gain momentum after a slack Thursday trades that has taken the prices to a six week low. The metal closed at $ 7093 per tonne, down $ 27 per tonne. The prices are trading with gains in Asian trades on Friday at $ 7121 per tonne.

US Dollar was trading higher against the Euro at 1.3346, up 25 pips. Indian Rupee was trading a bit higher after the all time lows brought some bottom fishing in the metal. The Rupee was trading at 57.72, down 0.37 percent.

Indian Copper Price ended at Rs 408.3 per kg, down 0.78 percent. Battery material lead was the most underperforming metal in the pack with prices paring 1.2 percent to close at Rs 120.95 per kg.

Shanghai Copper benchmark prices were still trying to mitigate with losses with prices at 51700 yuan per tonne, down190 yuan per tonne. This is the second straight day when Copper has opened in losses in China after resuming trades.

In economic report, the U.S. Commerce Department said retail sales rose 0.6 percent last month after rising just 0.1% in April. Economists expected an increase of 0.4 percent. Core sales excluding automobiles, gasoline and building materials, rose 0.3 percent in May after 0.2 percent increase in April.

The Labor Department said initial claims for jobless benefits fell by 12000 last week to 334000. The less volatile four-week moving average fell by 7250 to 345250.

Source: www.commoditytrademantra.com

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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