Copper Mines: Futures rises as spot demand exist
- Copper price increase by 0.18 percent amounting to 446.30 Rupees per kilo.
- Three-month copper to trade flat amounting to USD 5,434.50 per tonne at the London Metal Exchange.
- Crude oil drops by 24 rupees, now amounting to 4,014 rupees per barrel.
On Monday, the copper prices incline at about 0.18 percent amounting to 446.30 rupees per kilo in the futures trade. Prices increases upon speculators raise their bets even though the base metals decline overseas.
Moreover, focusing on the Multi Commodity Exchange, April copper delivery are to trade higher. That of which will be higher by 80 paise, or at about 0.18 percent. That amounts at about 446.30 per kg at about 446.30 per kilogram within the business turnover of 1,50.93 lots.
Furthermore, analyst says rising physical demand within the domestic spot market supported upside yet a weak trend within the overseas base metals upon the weak United States manufacturing data cap gains. To clarify, the three-month copper is to trade flat amounting to USD 5,434.50 a tonne at the London Metal Exchange (LME).
Crude oil price drops – weak overseas signals
Elsewhere, crude oil futures drop now amounting to 4,014 rupees per barrel. Push by reduced bets by the speculators on the weakening overseas.
Focusing at the Multi Commodity Exchange, crude for delivery in March decreased by 24 rupees or at about 0.59 percent. That of which now amounting to 4,014 rupees per barrel within the 5,366 lots. Similarly, oil for delivery for the month of April declines by 22 rupees at about 0.54 percent. That of which amount to 4,051 rupees per barrel within 425 lots.
The market trade sentiments for future trades depressed as crude oil prices drop overseas. Concerns on the economic downturn may then dent fuel consumption. However crude markets still widely supported by supply cuts led by OPEC and US sanctions against Venezuela and Iran.
At the same time, West Texas Intermediate (WTI) crude drops at about 0.30 percent. Now amounting to USD 58.32. Similarly, Brent crude also drops 13 cents about 0.20 percent. Now amounting to USD 67.03 per barrel at the New York Mercantile Exchange.
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