Base Metal Tips | Copper futures soared 2% in the Asian market on Thursday as investors and speculators booked fresh positions in the technical metal a midst reports that China may consider conducting an investigation into short-selling on local exchanges, following a request from an technical group. Further, copper producers in China are planning to meet on Friday to discuss possible manufacturing cuts and support prices, also lifting the industrial metal. China is the world’s largest consumer of copper, making up nearly half of global copper consumption. Further, upbeat US demand outlook lifted the need prospects for the metal as orders for business equipment in the US climbed the most in three months, up 1.3% in Oct from September, signaling a pickup in capital spending in the world’s biggest economy. Copper may retreat today’s as Thu surge in prices leads to profit booking a midst rising fears that a worsening China economic slowdown may curb metal demand. At the MCX, Copper futures for November 2015 contract closed at Rs 306.4 per kg, up by 2.08% after starting at Rs 300.45, against the previous closing price of Rs 300.15. It touched the intra-day high of Rs 311.05.
No comments:
Post a Comment