Monday 19 May 2014

CAPITAL STROKE COMMODITY UPDATE 19 MAY 2014: MCX COPPER

COPPER: CONSOLIDATE STRATEGY BUY ON DIPR2-422 R1-416 S1-404 S2-400
Copper futures rose 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 the country will accelerate the pace of economic reforms as policymakers aim to stem a deepening economic slowdown. 
At the MCX, copper futures for June 2014 contract is trading at Rs. 413.35 per 1 kg, up by 0.77 per cent, after opening at Rs. 412, against the previous closing price of Rs. 410.20. It touched an intra-day high of Rs. 413.50.
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