Copper........
US Federal Reserve accommodative policy for near terms has extended helping hand for ailing Copper
US Federal Reserve governor said that the accommodative monetary policy is likely to continue in the near term and that the US jobs data released last week was not taken into consideration in the policy minutes released yesterday.
Dollar has weakened sharply on Thursday following the bashing from last night. The Dollar was at 1.3132, down 0.88 percent. The statement of Ben Bernanke has helped the metal. Markets will now focus on the report of initial jobless claims, as well as on the data on import prices.
China trade data released last night showed a drop of 0.7 percent in exports and imports. The data of fall in Chinese imports on a cumulative six months basis was cornered as markets focused on the rise of yearly imports by 9.8 percent to 379951 tonnes.
LME three month benchmark prices of Copper were trading at $ 6951 per tonne, up $ 166 per tonne. Red metal settled at $ 6784 per tonne. Indian Copper settled at Rs 412 per kg, up 0.8 percent. The prices tested a high of Rs 412.5 per kg and a low of Rs 405 per kg.
Steel material Nickel was trading at $ 181 per tonne, at $ 13731 per tonne. MCX Nickel settled trading at Rs 816.6 per kg, up 1.35 percent. The prices tested a high of Rs 821 per kg and a low of Rs 798.8 per kg.
No comments:
Post a Comment