Thursday, 27 June 2013

Indian Copper Opened Lower, China Demand Uncertainty Continues

Copper opened lower on MCX as was expected. The markets continued to remain trading in disparity from its foreign counterpart LME. The LME three month prices were trading at $ 6727 per tonne, up from $ 6715 per tonne. Meanwhile, MCX Copper June contract was seen trading at Rs 407.7 per kg, down 0.27 percent. The rise of Rupee is the cause of decline in Copper.
Indian Rupee was last seen exchanging hands at 60.53 against the Dollar, up from 60.72 on Wednesday. Dollar was at 1.3022 against the Euro.
Excessive credit growth in China has made markets nervous and calls of reassurances from Peoples Bank of China have been taken lightly by the traders. Chinese premier bank said this week that it was providing short term assistance to institutions that were facing cash crisis.
Source by Commodity Insights

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