Copper Market Up Date By Ripples

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Copper prices fell by 0.70 per cent on Wednesday after Japan’s all industries activity index fell last month, official data showed on Wednesday signaling weak sentiment in the region which reduced the demand outlook for the metal. In a report, Japanese Ministry of Economy, Trade and Industry said that Japan’s All Industries Activity Index fell to a seasonally adjusted -1.2 per cent, from 1.2 per cent in the preceding month whose figure was revised down from 2.0 per cent.

At the MCX, copper futures for April 2016 contract were trading at Rs.326.75 per 1 kg, down by 0.70 per cent, after opening at Rs. 328 against the previous closing price of Rs. 329.05. It touched the intra-day low of Rs. 326.25 till the trading. (At 3.50 PM today). However, losses were limited due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell by 275 metric tonnes to 152200 metric tonnes as on April 27, 2016.

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