Copper New : Copper Likely to move Up with higher demand

Industrial metals remained choppy on Thursday morning, as a combination of mix macro economy factors, a firmer Euro and some strong fundamental drivers.

Copper prices boosted on optimistic buying sentiment in global market as price cross 455 mark in morning session.

At MCX, Copper February delivery contract down by 0.35 percent, tested low at 453.25 rupees per kilogram and stays slightly weak in Asian markets due to profit booking on higher levels.

Investors and speculators in international market once again show interest in buying metals at lower levels due to positive global cue. Constant buying from beginning of the week keeps down trend limited in Copper futures.

 Copper futures may climb above 465 rupees in current week. Long term target sets to 475 rupees for Copper future in coming days.

Read more »

Copper News: Copper Fall Due to Sluggish Demand

Metal prices ended substantially lower on Friday. Copper has fallen after traders showed lack interest in buying metals following their recent drop in prices. Poor physical demand for metal also provided required support to slip.

Ahead this week, Copper fall consecutive for third straight day. On Thursday, at MCX counter Copper January delivery contract drop by 1.12 percent and tested week low at 436.65 new high at 1173 in morning trades.
Copper remains negative in last few days due to selling sentiment. China policy fear also affect Copper price to stay in red zone. Further falling can be expected at this stage as selling may continue. This days Dollar is acting as key, metals have gained despite of the Dollar adding some gain.

Read more »

Copper News : Copper Hit the Week Low

Copper had seen the biggest drop in week, as yesterday’s fall spurred investors’ demand for the metal as an alternative asset amid concern that the global economic recovery is not yet assured. Copper February delivery contract on MCX slips by 0.70 percent to 435.10 per kilogram as traders and investors take sell position after price failed to sustain above record high level of 445 rupees.  On Wednesday evening, Weakness in Silver prices pushed Copper prices to week low including other industrial metals. Metal prices erased earlier gains and ended mildly lower tracking heavy selling pressure in Silver future in international market.  Overall sentiment remains unbiased for now with prediction that Copper future may rise on bottom fishing in coming days tracking positive moment in other metals

Read more »

MCX Copper- Likely to Continue its Bullish trend

Copper gained on the Multi Commodity Exchange (MCX) tracking the firm global cues. The G-20 summit fuelled investor sentiments and prices touched Rs.380 per kg, hitting a high of Rs.380.85 per kg. The prices are expected to test Rs 381.80-382.10 levels during the session today. Finance leaders from the Group of 20 economies have pledged to move towards market-determined exchange rates and commit to a full range of policies to reduce excessive external imbalances. The decision buoyed the market sentiment and most metals including Copper rallied on commodity bourses today. On the COMEX division of NYMEX, Copper futures got closer to a two and half year high, topping USD 3.8800 per pound and currently quoted at USD 3.8755, up 7.85 cents or 2.05% on the day.

Read more »

Global Market Effect- MCX Copper Further Rises

Copper prices moved further higher in the domestic futures market as the global market shown positive signals on Friday. MCX Copper February contract gained Rs 1.15 or 0.32 percent to Rs 365.15 per kg with a business turnover of 23 lots. November contract also edged up by Re one or 0.28 percent to Rs 363.15 per kg with a business volume of 16 lots. Copper ended slightly lower consolidating just below the previous session's two-year peak, with a batch of better-than-expected data limiting losses and offering hope for improved economic activity into year's end. Copper benefiting from improved fundamental backdrop reflected in declining inventories and recent bouts of weakness in the U.S. dollar. LME copper warehouse stocks fell by 950 tonnes to 374,150 tonnes, having fallen from 6-1/2 year highs at 555,075 tonnes in mid February.COMEX copper warehouse stocks stood at 85,075 short tons as of Wednesday, down at lowest level since November 2009. For today market is looking for the support at 360.7, a break below could see a test of 359.3 and where as resistance is now likely to be seen at 363.4, a move above could see prices testing 364.6.

Read more »