Copper futures Ended Higher in the Domestic Market

Copper futures ended higher in the domestic market Thursday as investors and speculators returned to bullish mode after a stock rebound in China, the world’s biggest metals consumer, stemmed fears over a deepening gloom surrounding the Asian economic powerhouse, bolstering the demand prospects for Copper. China’s benchmark index, the Shanghai Composite which plunged a massive 23 per cent over the past five trading sessions, bounced back today registering a gain of more than 2 per cent amidst value buying and confidence over the impact of the latest interest rate cut move by the People's Bank of China that may help spur a recovery. However, gains were curbed due to the surge in the copper stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME copper stocks rose by 1400 metric tonnes to 370425 metric tonnes as on August 27, 2015. Copper prices may rise as traders keep an eye on upcoming global data. At the MCX, Copper futures for August 2015 contract closed at Rs. 339.85 per 1 kg, up by 3.27 per cent after opening at Rs. 330.70 against the previous closing price of Rs. 329.10. It touched the intra-day high of Rs. 341.45 till the closing. China’s benchmark index, the Shanghai Composite which plunged a massive 23 per cent over the past five trading sessions, bounced back today registering a gain of more than 2 per cent amidst value buying and confidence over the impact of the latest interest rate cut move by the People's Bank of China that may help spur a recovery. Investor focus today will shift to key US economic data including jobless claims, pending home sales and revised Q2 GDP data which will offer more cues over the health of the world’s biggest economy. At the MCX, Copper futures for August 2015 contract is trading at Rs 335 per 1 kg, up by 1.79 per cent after opening at Rs 330.70, against the previous closing price of Rs 329.10. It touched the intra-day high of Rs 335.20 (At 12:38 PM).

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