Copper.......
Data
of Chinese Copper concentrate imports led metals to trade higher on LME
as well as domestic markets. The markets ignored the fact that
International Copper Study Group (ICSG) has reported a surplus in the
month of April 2013. The data release has come at the time when ICSG has
reported decline in copper usage in China, by 7 percent.
General Administration of Customs showed that China Copper concentrate imports were 673518 tonnes, up 40.23 percent in June, compared to same period last year. The total imports in the month of January-June 2013, was 4463111, up 32 percent.
Meanwhile, ICSG reported that the world copper markets were in surplus of 50000 tonnes in April 2013. After making seasonal adjustments, the Copper markets were in production surplus of 106000 tonnes. The world copper markets were in surplus of 266000 tonnes in the first four months of 2013.
Favoring Copper was the rise of Euro against the Dollar. The US currency was trading at 1.3174 against the Euro, up 0.22 percent. The currency tested a high of 1.3138 and a low of 1.3191. LME benchmark Copper prices was trading at $ 6997 per tonne, against $ 6924 per tonne last week. Indian Copper contract was trading at Rs 419.7 per kg, up 1.23 percent. The prices tested a high of Rs 419.95 per kg. Resistance for the contract is at Rs 420 per kg.
Source by Commodity Insights
General Administration of Customs showed that China Copper concentrate imports were 673518 tonnes, up 40.23 percent in June, compared to same period last year. The total imports in the month of January-June 2013, was 4463111, up 32 percent.
Meanwhile, ICSG reported that the world copper markets were in surplus of 50000 tonnes in April 2013. After making seasonal adjustments, the Copper markets were in production surplus of 106000 tonnes. The world copper markets were in surplus of 266000 tonnes in the first four months of 2013.
Favoring Copper was the rise of Euro against the Dollar. The US currency was trading at 1.3174 against the Euro, up 0.22 percent. The currency tested a high of 1.3138 and a low of 1.3191. LME benchmark Copper prices was trading at $ 6997 per tonne, against $ 6924 per tonne last week. Indian Copper contract was trading at Rs 419.7 per kg, up 1.23 percent. The prices tested a high of Rs 419.95 per kg. Resistance for the contract is at Rs 420 per kg.
Source by Commodity Insights
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