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Copper Futures Up By 0.68% On Spot Demand
At the MCX, copper futures for August 2016 contract is trading at Rs 320.30 per kg, up by 0.68 per cent, after opening at Rs 318.60, against a previous close of Rs 318.15. It touched the intra-day high of Rs 320.60Visit Us www.ripplesadvisoryx.com/freetrial.php or Get Free Trials Just Give One Missed Call @98-27-80-80-90.
Copper on MCX settled down -0.78% at 318.15 suffered another down day despite indications of continued strong Chinese demand. China is responsible for more than 45% of copper demand and according to customs data released yesterday the country's imports of unwrought copper and copper products were 360,000 tonnes during July.
That's a 14.3% decline from June which was mostly ascribed to seasonal factors but shipment still showed a slight improvement compared to July 2015 . For the first seven months refined imports are by nearly one-fifth at 3.1 million tonnes from the same period last year. Imports of refined metal hit a record 570,000 tonnes in March.
Copper
futures were trading higher during the afternoon trade in the domestic
market on Wednesday as investors and speculators widened their bets in
the industrial metal amid surge in demand in the domestic spot markets.
Further, widening of positions by speculators coupled with rise in spot demand, supported the uptrend at copper prices in futures trade.
At the MCX, copper futures for August 2016 contract is trading at Rs 320.30 per kg, up by 0.68 per cent, after opening at Rs 318.60, against a previous close of Rs 318.15. It touched the intra-day high of Rs 320.60
- See more at: http://www.investmentguruindia.com/CommodityTopNews/Copper-futures-up-by-068-on-spot-demand#sthash.4dS9Q8tr.dpuf
Further, widening of positions by speculators coupled with rise in spot demand, supported the uptrend at copper prices in futures trade.
At the MCX, copper futures for August 2016 contract is trading at Rs 320.30 per kg, up by 0.68 per cent, after opening at Rs 318.60, against a previous close of Rs 318.15. It touched the intra-day high of Rs 320.60
- See more at: http://www.investmentguruindia.com/CommodityTopNews/Copper-futures-up-by-068-on-spot-demand#sthash.4dS9Q8tr.dpuf
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