Copper futures rally on upbeat US housing
data
26/05/2014 11:32
Copper futures were trading on a robust note in the domestic market on Monday as investors and speculators booked fresh positions in the industrial metal after US new homes sales rebounded last month, signaling a pickup in the country’s housing recovery, lifting the demand outlook for industrial metals.
US new home sales rose for the first time in three months in April 2014 over the previous month, the Commerce Department said on Friday.
At the MCX, copper futures for June 2014 contract is trading at Rs. 413.35 per 1 kg, up by 0.61 per cent, after opening at Rs. 411.60, against the previous closing price of Rs. 410.85. It touched an intra-day high of Rs. 413.95. (At 11:23 AM).
26/05/2014 11:32
Copper futures were trading on a robust note in the domestic market on Monday as investors and speculators booked fresh positions in the industrial metal after US new homes sales rebounded last month, signaling a pickup in the country’s housing recovery, lifting the demand outlook for industrial metals.
US new home sales rose for the first time in three months in April 2014 over the previous month, the Commerce Department said on Friday.
At the MCX, copper futures for June 2014 contract is trading at Rs. 413.35 per 1 kg, up by 0.61 per cent, after opening at Rs. 411.60, against the previous closing price of Rs. 410.85. It touched an intra-day high of Rs. 413.95. (At 11:23 AM).
