MCX Copper Trading News

Hopes that European leaders will come out with some positive steps has led to recuperation in Euro, making red metal more attractive.

LME Copper settled at a one month high of $ 7616 per tonne on 24 August 2012. Copper remained supported at highs after existing home sales from US recovered. US existing home sale climbed by 2.3% to 4.47 million, in July 2012.

Refined Copper markets were in production deficit of 21000 tonnes in May 2012, as per release from International Copper Study Group (ICSG). The report showed that after making seasonal adjustments the surplus was much higher at 42000 tonnes. For the first five months of the year, refined Copper deficit was 405000 tonnes, compared to 98000 tonnes during similar period last year.

Indian Copper prices closed at Rs 427 per kg on 25 August 2012. The prices have recovered and are at July 2012 levels from here metal is looking to move further to next resistance zone of Rs 427 and Rs 432 per kg in coming days. Via

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