SHRINAM GLOBE COMMODITIES COMMODITY NEWS :28 JUNE 2013 5:30 PM Lower Dollar moves for the second straight day against the Euro resulted in recovering Copper prices. The metals moved higher before the quarter ending after disgracing itself to the lows of the quarter. LME three month prices of Copper was also boosted by a stronger tone in wider financial markets, although trade is expected to be volatile this session as the second quarter draws to a close. LME Copper was at $ 6752 per tonne, up $ 21 per tonne. Copper prices have shed over 11% over the past three months due to high metal inventories, concerns about a slow China economy and the possible curtailment of Fed stimulus measures. MCX Copper traded at Rs 403.2 per kg, down 0.6 percent. The metal tested a low of Rs 400.45 per kg. It is expected that if Rupee recovers against the Dollar Copper can see some more carnage towards Rs 395 and 390 per kg in coming days. Asian equities moved higher on encouraging economic data from Japan, as well as signs the U.S. Federal Reserve is likely to stick to its loose monetary policy for the time being. Investors are now focusing on the release of the Chinese manufacturing purchasing managers index data next week. U.S. data due next week include Fridays nonfarm payrolls, which are seen as a key gauge of the U.S. economys health. In other base metals Friday, aluminum was up 0.7% at $1,778 a tonne. MCX Aluminium was trading at Rs 104.55 per kg, down 0.90 percent. LME Zinc was 0.2% higher at $1847 per tonne. Meanwhile, MCX Zinc was trading at Rs 109.5 per kg, down 0.64 percent.
Posted on: Sat, 29 Jun 2013 10:14:55 +0000
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