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As on: Sep 26, 2018 02:05 PM
Base Metals Preview: Copper Sees Good Gains On Buying Support
14-Sep-18   09:15 Hrs IST
Copper rose on bargain buying. The COMEX Copper futures are up 0.60% at 2.69 per pound. MCX Copper closed at Rs 428.55 per kg, down marginally on the day after hitting highs above Rs 434 levels. US stock rose Thursday, with the S&P 500 extending its uptick to a fourth straight session. The technology stocks led the gains yet again. The Trump administration is giving Beijing another chance to try to stave off new tariffs on $200 billion in Chinese exports, bringing some calm to the recent flare up in trade worries. The Copper inventories on the London Metal Exchange (LME) have also been sliding heavily in last few days. The stockpiles edged up near a seven week high around 268000 tonnes end August 2018 but this month has seen heavy drawdowns in the stocks of the red metal. The inventories fell near 234000 tonnes- their lowest level in 2018. The stockpiles have now dropped by nearly 13% over last two weeks.

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