Copper futures end higher on China demand
hopes
20/05/2014 09:35
Copper futures ended higher in the domestic market on Monday as investors and speculators booked fresh positions in the industrial metal as China vowed to fasten the pace of financial reforms, raising hopes of a growth rebound, lifting the demand outlook for industrial metals, given that China is the world’s biggest metals consumer. The country’s top economic planning agency said that China will accelerate the pace of economic reforms as policymakers aim to stem a deepening economic slowdown. Further, speculation that the European Central Bank (ECB) may cut interest rates next month to boost inflation and growth in the 18-member Euro area economy supported the demand outlook for industrial metals. A top member on the ECB executive board signaled the increasing likelihood of further policy measures in June amid rising risk of deflation. Copper futures may continue the upward journey today amid hopes that financial reforms in China may boost economic growth and lift demand. At the MCX, copper futures for June 2014 contract closed at Rs. 412.05 per 1 kg, up by 0.45 per cent, after opening at Rs. 412, against the previous closing price of Rs. 410.20. It touched an intra-day high of Rs. 413.80.
20/05/2014 09:35
Copper futures ended higher in the domestic market on Monday as investors and speculators booked fresh positions in the industrial metal as China vowed to fasten the pace of financial reforms, raising hopes of a growth rebound, lifting the demand outlook for industrial metals, given that China is the world’s biggest metals consumer. The country’s top economic planning agency said that China will accelerate the pace of economic reforms as policymakers aim to stem a deepening economic slowdown. Further, speculation that the European Central Bank (ECB) may cut interest rates next month to boost inflation and growth in the 18-member Euro area economy supported the demand outlook for industrial metals. A top member on the ECB executive board signaled the increasing likelihood of further policy measures in June amid rising risk of deflation. Copper futures may continue the upward journey today amid hopes that financial reforms in China may boost economic growth and lift demand. At the MCX, copper futures for June 2014 contract closed at Rs. 412.05 per 1 kg, up by 0.45 per cent, after opening at Rs. 412, against the previous closing price of Rs. 410.20. It touched an intra-day high of Rs. 413.80.
