Industrial production data from US also overtook analysts expectations. The Industrial production in US rose 0.4 percent in March unlike analysts expectations of 0.2 percent. The production was higher than expected but lower from 1.1 percent in the month of February, which was ignored by the markets.
In another news, Glencore merger roadmap with Xstrata is certain after the Chinese Ministry of Commerce of the Peoples Republic of China (MOFCOM) cleared the deal worth $ 30 billion. The Antimonopoly law of China was the last hurdle in between the acquisition of Xstrata by Glencore.
The MOFCOM has said that the post merger ownership assets in Las Bambas Copper project of Peru must be sold before 30 September 2014 for pre determined price. Glencore will start the sale process and make a announcement for sale of its ownership interest. Along with this, Glencore will supply Copper to Chinese customers for the period of eight years from 1 January 2013.
Meanwhile, BHP Billiton nine month ending 31 March 2013 production report was released. The company said that Copper in concentrate production at Escondida increased by 61% during the nine month period ended March 2013.
Total Escondida copper production remains on track to increase by at least 20% in the 2013 financial year. BHP Billiton production increased by 15 per cent from the December 2012 quarter and reflected a temporary increase in the grade profile at Antamina.
LME three month Copper prices settled at $ 7250 per tonne, up $ 92 per tonne on Tuesday. MCX Copper settled at Rs 394.6 per kg. The prices are resisted at Rs 396.5 and 397 per kg. Supports for the contract are at Rs 388 and 385 per kg.[via]
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