Rise in Rupee has once again proved to be a spoil sport in metals on MCX. The prices of Copper only showed modest recovery even after COMEX Copper touched a one week high. Rise in Dollar supported the moves in COMEX however Rupee strengthening caused Copper to remain in corner all through the day.
MCX benchmark contract for Copper closed the trading at Rs 221.65 per kg up Rs 2. Copper for July delivery on the COMEX division rose 3.70 cents, or 1.8 percent, to close at $2.1065 a lb. LME Copper three month forward was at $ 4642 per tonne.
LME stockpiles registered yet another fall in Copper. Copper stocks were down 7,350 tonnes to 341,475 tonnes.
The formidable rally in prices of Copper in early months is expected to bring some lull in the Chinese state reserve’s bureau buying.
