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Wednesday 9 November 2016

Copper futures zoom on easing glut concerns : 09 Nov 2016

Copper futures were trading higher during the afternoon trade in the domestic market on Wednesday as participants widened their positions in the industrial metal amid speculation that supply will tighten and signs of stabilizing demand in China, the world’s biggest consumer.

The reports this week showed that China’s passenger-vehicle sales climbed for 8th consecutive month, and China’s central bank, which has held the benchmark interest rate at a record low for more than a year, said the current level is in line with economic fundamentals.

At the MCX, copper futures for November 2016 contract is trading at Rs 359.30 per kg, up by 3.01 per cent, after opening at Rs 345.40, against a previous close of Rs 348.80


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