MCX Copper Recovered From Lows On Monday

Copper.....

MCX Copper recovered from days low in what can be said as the bargain hunting of the metal from multi month lows. The metal recouped the losses on the back of lower level demand that was missing till the evening trades and picked up in the last session. The inventories in international exchanges are still quite high. The metal stocks have increased by 60% in 2013.

Chinas copper output in February rose 10.8% from a year earlier to 483000 metric tons, the National Bureau of Statistics said Tuesday. Production in the first two months rose 11.9% on year to 975000 tons, it said. January output reached 492000 tonnes.
Chinese production of Lead was up by 4.5% to 325000 tonnes in February. Total production in the first two months was up by 11% to 650000 tonnes. LME lead was seen trading at $ 2199 per tonne, up by $ 10 per tonne.
MCX Copper April expiry settled at Rs 425.6 per kg, up 0.08%. The prices tested a low of Rs 421.6 and a high of Rs 426.6 per kg. The prices could have crashed below Rs 420 per kg had Indian Rupee was more stable against the Dollar. Local currency plunged to 54.39 per Dollar, down 0.21% in a single day and thereby supporting Copper.
Source by Commodity Insights