Copper Rises As Chinese Buyers Return To Work

Copper.......

Copper three month prices have gained on the return of Chinese buyers that will help in underpinning the volumes. The decline of Dollar against the Euro is another promising aid for the metal.
The Dollar was last seen trading at 1.3351, down by 19 pips. In last four sessions Dollar has given 1 percent of its value. The rise in Euro has been on account of gain in industrial production and nervous traders of Dollar on the stance of Federal Reserve.
Eurostat reported last night that industrial production rose by a 0.4% in April from March, defying expectations for a 0.2% decline. Year-on-year industrial production declined by 0.6%, better than market expectations of 1.2% contraction.
LME Copper three month prices was last checked at $ 7162 per tonne, against $ 7120 per tonne on Wednesday. MCX Copper June expiry settled at Rs 411.5 per kg, up 0.17 percent. The prices look capped at Rs 415 per kg at this juncture. Support for the contract is at Rs 407 per kg.
Shanghai Copper was trading in losses on the back of adjustment in prices after three days of closure. September benchmark contract of copper was trading at 1180 yuan per tonne, up 51880 yuan per tonne.
Source by Commodity Insights