The concerns of Chinese demand are well known though the prices
posted a confident face at the time of closing. Shanghai August expiry
contract closed at 53730 yuan per tonne on Wednesday, up 350 yuan per
tonne.LME Copper three month futures gain is most likely to have boosted Copper in China. LME Copper was trading at $ 7463 per tonne, though it was below $ 7400 per tonne levels at the early Asian trades. Bernanke testimony is eagerly awaited in the markets today.
Inventories have moved up once again and were at 627275 tonnes, up 2750 tonnes on 22 May. The inventories have gained 96 percent in this year. In Shanghai, on warrants declined by 1598 tonnes to 57504 tonnes today. The decline in on-warrants means stocks to be taken out of the warehouses.
Indian Copper has splurged past Rs 415 per kg and was seen trading at Rs 416 per kg. The decline of Rupee has been the main trigger for Indian prices. Rupee destabilized versus the Dollar and was at 55.5.
Source by Commodity Insights
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