RESEARCH VIA ~ MCX COMMODITY TIPS BASE METAL TIPS 12/DEC/2013

Base Metals & Energy

D A I L Y

B U Z Z

Buoyed by a firming trend in global markets, copper futures rose by 0.26 per cent to Rs 448.90 per kg

today as speculators enlarged positions. Besides, a pick-up in demand at spot markets also supported the upside.

At the Multi Commodity Exchange, copper for delivery in February next year was up by Rs 1.15, or 0.26 per cent, to Rs 448.90 per kg, with a business turnover of 684 lots.

Similarly, the metal for delivery in April 2014 traded 85 paise, or 0.19 per cent, higher at Rs 454.55 per kg, with a business turnover of 7 lots.

Marketmen attributed the rise in copper futures to a firming overseas trend after the Asian Development Bank raised China's 2013 economic growth forecast to 7.7 per cent from 7.6 per cent in October and increased its 2014 estimate to 7.5 per cent from 7.4 per cent.

Globally, copper for the metal for delivery in three months traded a shade higher at $7,155.50 per tonne at the London Metal Exchange, while on the Shanghai Futures exchange it rose 0.2 per cent to 51,200 yuan ($8,433) a tonne.

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