Commodity Updates - Copper futures soared 2 per cent in the domestic market on Thursday as investors and speculators booked fresh positions in the industrial metal amidst reports that China may consider conducting an investigation into short-selling on local exchanges, following a request from an industry group.
Further, copper producers in China are planning to meet on Friday to discuss possible production cuts and support prices, also lifting the industrial metal.
China is the world’s biggest consumer of copper, making up nearly half of global copper consumption.
Further, upbeat US demand outlook lifted the demand prospects for the metal as orders for business equipment in the US climbed the most in three months, up 1.3 % in Oct from Sept signaling a pickup in capital spending in the world’s biggest economy.
Copper may retreat today’s as Thursday’s surge in prices leads to profit booking amidst rising fears that a worsening China economic slowdown may curb metal demand.
At the MCX, Copper futures for November 2015 contract closed at Rs 306.4 per kg, up by 2.08 per cent after opening at Rs 300.45, against the previous closing price of Rs 300.15. It touched the intra-day high of Rs 311.05.
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