Copper futures increased, 19 Feb 2015 News

Copper futures increased in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal tracking a firm trend in the overseas market amid concerns that lower output at a BHP Billiton Ltd. Mine in Australia may lead to a minor global surplus. The world’s largest mining company, BHP previous week said that as much as 70,000 metric tons of production may stray following an electric failure in a mill at the Olympic Dam Site. Australia & New Zealand Banking Group which saw copper supply growth sliding to 5.1 % from a last estimate of 5.8 % this year due to reduced output at the above mentioned BHP Billiton mine predicted that global copper supply may overreach desired in 2015 by 120,000 tons. Copper futures may increase today as durable Japanese export data signaled a regaining in the world’s third largest economy, lifting the demand outlook for industrial metals. Copper futures for February 2015 contract ended at Rs 369.65/1 kg, upward by 1.9 % after opening at Rs 364, against the last closing price of Rs 362.75. It touched the intraday max of Rs 371.6 till the ending.

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