Home / Posts filed under copper
Copper prices dip down at LME by 3.2%. Other base metals too fell resulting in decline in copper prices. Worries about
Europe’s debt crisis in the region had weighed down copper.
The MCX may trade weak in the coming days due to the negative bias tracking the
international market. The
recessionary fears in the Western World can be the main reason for the down trading of copper at LME. Support
for November copper
is seen at Rs.342 and resistance at Rs.357.
But most of
the producers see this on the positive side. With the LME price down for copper, more
Chinese buying will be seen.
But on
the other hand, customers are also become very cautious in placing the orders. They are avoiding each and every step of over piling
the copper stock. They are more interested in
flexible deliveries.
Most of the commodities showed the upward
trend. Crude Oil, Natural Gas and sugar showed the biggest increase.
The Crude oil showed the increase by 3.1%
and it’s the highest settlement since September 20th. Gasoil jumped to 3.2% on ICE future Europe.
Sugar climbed straight from last three
days. The rise is due to delay in cane crushing in India due to heavy rains. India
is the second largest cultivator of sugarcane. Sugar showed 11% rise in the
week.
Copper showed the rise by 3.2% on LME after
the reports that the imports of copper in China have touched the sixteenth
month high. China is the world’s largest copper consumer and sharing nearly
forty percent of global demand. Copper always have been in the front of all
commodities. During the time of economic downturns, copper always led the
market when other commodities turned lower. Copper has entered into bear market
and will rally positive with the increase demand.
Silver future for the December deliveries climbed
1.6 percent on the comex.
Wheat future for December deliveries also
gained 0.8 percent. This week wheat climbed 2.5%. The gain is the result of the
rising prices in corn and wheat is now becoming the alternate cattle and
poultry feed.
Copper prices dip down at LME by 3.2%. Other base metals too fell resulting in decline in copper prices. Worries about Europe’s debt crisis in the region had weighed down copper.
