Dollar declines helped the metal prices to recover from their losses of last week. Copper three month prices settled with gains of $ 61.5 per tonne at $ 7116 per tonne. The prices are still up by $ 50 per tonne on Tuesday. COMEX Copper
Smart recuperation was seen as Dollar remained weak against the majors on Monday waiting for Federal Reserve statement and European Central Bank stance on interest rates. ECB can cut interest rates this time in the meet that is bullying the Euro sentiments. The greenback was trading at 1.3094 against the Euro on Tuesday after going down by 67 pips on Monday to close the trades at 1.3092.
US Federal Reserve stance on bond buying is keenly eyed by Copper stakeholders. Any indication that the Federal Reserve will continue with its bond buying will swell Copper and peers on liquidity.
Trading activity is a tad slow as China markets are closed for three day period on account of Labor Day celebrations. China exchanges will open for trading from 2 May 2013. The opening will be eagerly watched on account of release of Chinese Manufacturing data.
Meanwhile, Glencore noted announcement by Xstrata confirming that the High Court of Justice of England and Wales has today sanctioned the New Scheme to effect the Merger of Glencore and Xstrata.
The New Scheme and Merger are expected to become effective on 2 May 2013, subject to completion of the court process as set out in the New Scheme Document published by Xstrata on 25 October 2012.
In another news, BHP Billiton said that it signed a definitive agreement to sell its Pinto Valley mining operation and the associated San Manuel Arizona Railroad Company to Capstone Mining Corp. for an aggregate cash consideration of $ 650 million.
MCX Copper for far month June delivery closed at Rs 389.2 per kg, up 0.68 percent. The prices tested a high of Rs 391.7 per kg and a low of Rs 383.2 per kg. Supports for the contract are at Rs 388 and 386 per kg while resistance for the contract is at Rs 393.5 per kg.
Source by Commodity Insights
No comments:
Post a Comment