Copper......
Chinese concerns related to demand trimmed the metals from the top.
The prices slipped as markets expected slippage in trade data from China
due to be released this week. Investor sentiment remained inclined
towards key reports from US and China.
The EUR/Dollar pair was static at 1.2863 from last night. Indian Rupee on the other hand recovered some of the lost ground and was at 60.19, against the Dollar, up 0.68 percent. The recovery in Rupee is tarnishing the image of commodities.
China unwrought Copper imports were down by 14.5 percent in May. Another fall in the imports will result in driving Copper prices further down. May unwrought Copper imports were 358672 tonnes.
Copper investors were also digesting some potentially negative supply-side news Tuesday. Rio Tinto PLC on Tuesday began exporting copper from its $6.2 billion Oyu Tolgoi mine in Mongolia, while PT Freeport Indonesia's president director said underground mining at the company's operations in Papua has resumed almost two months after a fatal tunnel collapse.
The LME flagship copper contract was 0.54 percent lower at $6741 per metric ton. Aluminum was unchanged at $1784 per tonne. MCX Copper was down by 1.95 percent to Rs 410 per kg. The prices of Copper tested a low of Rs 409 per kg and a high of Rs 416.5 per kg.
Source by Commodity Insights
The EUR/Dollar pair was static at 1.2863 from last night. Indian Rupee on the other hand recovered some of the lost ground and was at 60.19, against the Dollar, up 0.68 percent. The recovery in Rupee is tarnishing the image of commodities.
China unwrought Copper imports were down by 14.5 percent in May. Another fall in the imports will result in driving Copper prices further down. May unwrought Copper imports were 358672 tonnes.
Copper investors were also digesting some potentially negative supply-side news Tuesday. Rio Tinto PLC on Tuesday began exporting copper from its $6.2 billion Oyu Tolgoi mine in Mongolia, while PT Freeport Indonesia's president director said underground mining at the company's operations in Papua has resumed almost two months after a fatal tunnel collapse.
The LME flagship copper contract was 0.54 percent lower at $6741 per metric ton. Aluminum was unchanged at $1784 per tonne. MCX Copper was down by 1.95 percent to Rs 410 per kg. The prices of Copper tested a low of Rs 409 per kg and a high of Rs 416.5 per kg.
Source by Commodity Insights
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