Copper News - Copper prices Rose by 1.05 per cent on Tuesday after the number of unemployed people in Germany fell more than expected in January, while the unemployment rate hit an all-time low signaling improving labor market in the region which raised the demand outlook for the metal. The number of unemployed people decreased by a seasonally adjusted 20,000 last month, better than expectations for a drop of 7,000. Jobless claims fell by 16,000 in December, whose figure was revised from a previously reported decline of 14,000.
At the MCX, copper futures for February 2016 contract were trading at Rs.313.40 per 1 kg, up by 1.05 per cent, after opening at Rs. 309.50 against the previous closing price of Rs. 310.15. It touched the intra-day high of Rs. 314.50 till the trading.
Prices also rose due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell by 375 metric tonnes to 240475 metric tonnes as on February 2, 2016.
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