Copper tad higher on improved China outlook

 Copper futures were trading with slim gains as traders weighed upbeat Chinese economic data which signaled an improved demand outlook for the industrial metal.

China’s factory output and retail sales topped estimates in August, signaling a pickup in the world’s second biggest economy.

Industrial output climbed 6.3 per cent, year-on-year in August 2016, compared to a 6.2 per cent forecast by analysts while growth in retail sales accelerated to 10.6 per cent from 10.2 per cent.

At the MCX, copper futures for November 2016 contract is trading at Rs 316.4 per kg, up by 0.06 per cent, after opening at Rs 316.7, against a previous close of Rs 316.2. It touched an intra-day high of Rs 316.95 .

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At Todays Market Copper Rises On Positive Global Cues

Copper futures closed higher in the domestic market on Tuesday as participants enlarged their positions, taking positive cues from overseas markets and pick-up in spot demand.

Market analysts attributed the rise in copper futures trade to a firming trend in the base metals pack at the LME as UK Chancellor of the Exchequer George Osborne sought to reassure markets following Britain's vote to leave the European Union and pick-up in spot demand.

At the MCX, Copper futures for June 2016 contract closed at Rs 325.80 per kg, up by 2.49 per cent after opening at Rs 319.90, against a previous close of Rs 317.90. It touched the intra-day high of Rs 326.70. 

 

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Copper Updates - Copper Advances On Positive Global Cues .

Copper futures closed higher in the domestic market on Wednesday buoyed by positive global cues, high domestic demand and a weak dollar.

The greenback softened, with the WSJ Dollar Index down about 0.2%, making the dollar-priced metal cheaper to buy for those holding other currencies. The dollar was lower as investors bet that the Fed, which wraps up a two-day policy committee meeting on Wednesday, would keep interest rates steady.

At the MCX, Copper futures for June 2016 contract closed at Rs 311.05 per 1 kg, up by 2.03 per cent, after opening at Rs. 305, against the previous closing price of Rs. 304.85. It touched the intra-day high of Rs. 314.50. 

 

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At Todays Market Copper Dips On Strong Dollar

Copper futures closed lower in the domestic market on Friday as headwinds from a mid-term U.S. rate hike that have boosted the dollar added to pressure from tepid physical demand in top user China. The dollar was bolstered by an unexpected drop in domestic jobless claims last week calming some worries about U.S. economic growth decelerating in the second quarter. A higher U.S. currency makes dollar-denominated commodities more expensive for non-U.S. firms, meaning they will buy less.

At the MCX , Copper futures for June 2016 contract closed at Rs 301.45 per 1 kg, down by 0.08 per cent, after opening at Rs. 302, against the previous closing price of Rs. 301.70. It touched the intra-day low of Rs. 299.15. 

Read More - Copper Updates 

Copper Dips As Dollar Hike up in Domestic Market

 Copper futures closed lower in the domestic market on Thursday as dollar strengthened after U.S. data revived expectations of an imminent Fed rate rise, while higher inventories reinforced negative sentiment.

The dollar was bolstered by an unexpected drop in domestic jobless claims last week calming some worries about U.S. economic growth decelerating in the second quarter.

A higher U.S. currency makes dollar-denominated commodities more expensive for non-U.S. firms, meaning they will buy less.

 

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Today's Stock Market Headlines on 2nd of May

                                                           Stock Market Headlines

• Asia tumble, with Nikkei selling off nearly 4%, ASX off 1.2% .
• Lupin looks to strengthen brand, specialty biz in US .
• Indiabulls Real Estate cuts debt by 16% to Rs 4,617 cr in FY16
• HDFC Q4 profit seen up 35% to Rs 2515 cr, NII may grow 6%:
• Exports: 17 out of 30 sectors in negative zone in March .
• Federal Bank net tanks 96% to Rs 10 cr .
• Govt wants PSUs to emulate private sector, buy back shares .
• Stocks in news: IOC, Nestle, Wipro, YES Bank, Skipper .
• Realty bubble? Another 'world's tallest tower' planned in Dubai .
• Bull's Eye: Buy Marico, SKS Micro, HDIL, Sun TV; sell Voltas .
• Why the Fed will never get what it wants:
• Postal dept's deficit jumps 14% to Rs 6,259 cr in FY15.
• Need stable policy, sudden changes affect investments:
• Top three cos add Rs 34,256 cr in m-cap;
• Coal supply to power sector ticks up 6% to 408 mt in 2015-16 .
• Commodity market getting back on its feet, turnover jumps 9% .
• Previous govts named schemes after members of one family: 
• Read More - Stock Tips

Copper in Reverse Gear on weak Physical Demand

Copper futures fell during noon trade in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal amid soft physical demand for copper in the domestic spot market. Further, fears of weak demand from China, the world’s biggest metals consumer, after the country’s biggest cities including Shanghai and Shenzhen introduced property curbs weighed on the industrial metal.   Read more- Copper Tips .

At the MCX, Copper futures for April 2016 contract were trading at Rs. 323.5 per 1 kg, down by 1.01 per cent, after opening at Rs. 325.25, against the previous closing price of Rs. 326.5. It touched the intra-day low of Rs. 321.9.

Copper Updates - Copper Bites the Dust On China fears

Copper Updates - Copper futures fell during noon trade in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal as weak demand from China, the world’s biggest metals consumer, soured sentiment.

Copper stockpiles tracked by the Shanghai Futures Exchange hit a record high 277,000 tons, more than doubling since the end of August, while China weakened the Yuan by the most in six weeks, signaling a deepening slowdown in the world’s second biggest economy. The People’s Bank of China cut its daily reference rate by 0.17 per cent, a sign that the country’s economic health was probably deteriorating.

 

At the MCX, Copper futures for February 2016 contract were trading at Rs.318.3 per 1 kg, down by 0.78 per cent, after opening at Rs. 320.4, against the previous closing price of Rs. 320.8. It touched the intra-day low of Rs. 317.2.

Copper Updates - China Demand Hopes Buoy Copper

Copper Updates - Copper futures advanced in the domestic market during late morning trade in the domestic market on Friday as investors and speculators booked fresh positions in the industrial metal amid hopes that fresh measures by China, the world’s biggest metals consumer, to bolster growth in the country’s economy may lift demand.

The Chinese central bank relaxed curbs on the amount that banks can pay as deposits and charge for loans, while the country’s cabinet discussed reducing the minimum ratio of provisions that lenders can set aside for bad loans.

 

At the MCX, Copper futures for February 2016 contract were trading at Rs.316.85 per 1 kg, up by 0.65 per cent, after opening at Rs. 314.9, against the previous closing price of Rs. 314.8. It touched the intra-day high of Rs. 316.95.

Evening Updates - Copper Gains 1.05 pct on Strong German Data

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.

Copper Updates - Improving Demand lifts Copper futures

Copper Updates - Copper prices rose by 2.71 per cent on Wednesday after Italian consumer confidence rose more-than-expected last month signaling improving sentiment in the region which raised the demand for the metal. In a report, Italian National Institute of Statistics said that Italian Consumer Confidence rose to 118.9, from 117.7 in the preceding month whose figure was revised up from 117.6. Analysts had expected Italian Consumer Confidence to rise 117.0 last month. At the MCX, copper futures for February 2016 contract were trading at Rs.309 per 1 kg, up by 2.71 per cent, after opening at Rs. 301.55 against the previous closing price of Rs. 300.85. It touched the intra-day high of Rs. 309.90 till the trading. (At 4.40 PM today). However, gains were curbed due to the surge in the copper stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME copper stocks rose by 2950 metric tonnes to 241775 metric tonnes as on January 27, 2016.

Copper scores Modest gains ; China Slowdown Weighs

Copper Updates - Copper futures rallied modestly during noon trade in the domestic market on Thursday as investors and speculators booked fresh positions in the industrial metal amidst a pickup in physical demand for copper in the domestic spot market.

 

However, worries that a worsening economic slowdown in China, the world’s biggest metals consumer, may curb the demand for the industrial metal, trimmed gains in copper as China’s stock markets declined for a second straight day as traders seemed unsure over policymakers’ ability to manage an economic slowdown and tackle financial volatility.
 

The IMF has predicted China’s economy to grow at the weakest pace since 1990 at 6.3 per cent this year as the country wrestles to manage a transition from an export & investment-led economy to a one powered by services and consumption.
 

At the MCX, Copper futures for February 2016 contract is trading at Rs 298.2 per kg, up by 0.29 per cent after opening at Rs 297.6, against the previous closing price of Rs 297.35. It touched the intra-day high of Rs 299.95 .

Agro Update - Cardamom falls 0.64% on sluggish Demand

Cardamom prices fell by 0.64 per cent on Friday at the Multi Commodity Exchange (MCX) due to the adequate stocks availability in the physical market on account of higher supply from the producing belts of Chandausi in Uttar Pradesh. At MCX, Cardamom futures for January 2016 contract were trading at Rs. 820 per kg, down by 0.64 per cent, after opening at Rs. 821 against the previous closing price of Rs. 825.30. It touched the intra-day low of Rs. 820 till the trading. (At 10.45 AM today). Sentiment weakened further as the traders booked profits at the prevailing levels in the midst of a subdued demand for the commodity.
 

Kerala (70 per cent), Karnataka (20 per cent) and Tamil Nadu (10 per cent) are the cardamom growing states in India while about 90 per cent of the produce is consumed within the nation. The important markets for cardamom in India are Vandanmendu, Bodinayakanur, Kumily, Thekkady, Kumbum and Pattiveeran Patti in Kerala.

Agri Evening Updates - Mentha oil gains on limited supply

Mentha oil prices rose by 0.01 per cent on Tuesday at the Multi Commodity Exchange (MCX) due to tight stocks position in the physical market due to restricted arrivals from producing belts. At MCX, Mentha oil futures for January 2016 contract, at MCX, were trading at Rs. 873.90 per kg, up by 0.01 per cent after opening at Rs. 869.10 against the previous closing price of Rs. 873.80. It touched the intra-day high of Rs. 875.20 till the trading. 

Sentiment improved further as traders engaged in creating positions on account of good demand from consuming industries and lower arrivals from Chandausi in Uttar Pradesh.
 

About 80 per cent of the crop in India comes from Uttar Pradesh (Rampur, Moradabad, Bareilly, Barabanki and Badaun) and the balance 20 per cent from Punjab, Himachal Pradesh and Haryana.

Copper Update - Copper Drops As China Markets Plunge Again

Copper Update - Copper prices fell by 2.09 per cent on Monday as steep declines on Chinese stock markets dampened appetite for the red metal. Market players are concerned that the plunge in the stock market could spread to other parts of the Chinese economy, triggering fears that the Asian nation's demand for the industrial metal will decline.
 

At the MCX, copper futures for February 2016 contract were trading at Rs.295.10 per 1 kg, down by 2.09 per cent, after opening at Rs. 300.60 against the previous closing price of Rs. 301.40. It touched the intra-day low of Rs. 294.55 till the trading. 

 

However, losses were limited 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 1350 metric tonnes to 235300 metric tonnes as on January 11, 2016.

Copper updates - China stimulus Hopes buoy Copper

Copper futures climbed in the domestic market on Friday as a fifth straight contraction in China’s manufacturing activity dampened optimism over a recovery in the world’s second biggest economy, bolstering the case for monetary and fiscal stimulus to help avert a worsening slowdown. The official China factory gauge stood at 49.7 in December, below the mark of 50 that separates expansion from contraction, compared to 49.6 in November.
 

The gains in the industrial metal were trimmed by weak US economic data that clouded the demand outlook for copper. US jobless claims jumped 20,000 to 287,000 last week, the highest level since July while a business activity gauge contracted the most since August 2009 last month with the Chicago PMI falling to 42.9 from 48.7 in November, signaling a slowdown in the world’s biggest economy.
 

At the MCX, Copper futures for February 2016 contract is trading at Rs 316.75 per kg, up by 0.40 per cent after opening at Rs 315.5, against the previous closing price of Rs 315.5. It touched the intra-day high of Rs 317.45 .

Copper Updates - Copper falls prey to profit-Booking

Copper futures were trading tad lower in the domestic market on Wednesday as the sharp surge in prices in the previous session prompted traders, to book profits, in the industrial metal, at existing levels.

Prices of the metal soared by nearly 3 per cent on Tuesday as reports that Chinese smelters may slash output by a total 200,000 metric tons next quarter to support prices, and speculation of further China stimulus after the People’s Bank of China said that it would "flexibly" use various policy tools to maintain appropriate liquidity, bolstered sentiment.
 

China is the world’s biggest consumer of copper, accounting for more than 40 per cent of the metal’s global consumption.
 

At the MCX, Copper futures for February 2016 contract is trading at Rs 316.5 per kg, down by 0.05 per cent after opening at Rs 316.25, against the previous closing price of Rs 316.65. It touched the intra-day low of Rs 315.2.

Copper futures slid by 1 % in the Domestic Market on Tuesday

Copper updates - Copper futures slid by more than 1 per cent in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal amidst a weak trend in the overseas market as a slump in US sales of previously owned homes signaled a cooling housing recovery in the world’s biggest economy, darkening the demand outlook for copper, which is widely used in home construction activities.

US existing home sales tumbled by 10.5 per cent to a 4.76 million annual rate in November, the lowest level since April 2014.
 

Further, weak physical demand for copper in the domestic spot market also weighed on the industrial metal.
 

Investors cast aside data showing a pickup in China’s economy as a leading index advanced at a quicker pace in November. The Conference Board said that its China leading economic index climbed 0.6 per cent in November from October, when it advanced 0.3 per cent.
 

Copper may bounce back today as upbeat US Q3 GDP data bolstered the demand outlook for the base metal.
 

At the MCX, Copper futures for February 2016 contract closed at Rs 312.8 per kg, down by 1.43 per cent after opening at Rs 315.8, against the previous closing price of Rs 317.35. It touched the intra-day low of Rs 312.25.

Copper upadate - Copper closes lower on Sluggish US Demand

Commodity Updates - Copper prices closed lower rung in the domestic market on Thursday after the Federal Reserve's first rate hike in almost a decade pushed up the dollar, dabble demand for raw materials. The Fed raised the target for its main short-term rate to a range of 0.25 per % to 0.50 per % from a range of 0 per cent to 0.25 per cent, as widely expected, following the conclusion of its policy meeting. Fed Chair Janet Yellen vowed that the FOMC will not be mechanical in its approach to normalize budgetary policy and that future rate hikes would be gradual and data dependent. However, losses were limited 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 300 metric tonnes to 231475 metric tonnes as on December 17, 2015. Copper prices may slump as investors now look ahead to upcoming US data which may determine the health of the world’s largest economy. At the MCX, Copper futures for Feb 2016 contract closed at Rs 304.55 per 1 kg, down by 1.77 per cent opening at Rs 308.75 against the closing price of Rs 310.05. It touched the intra-day low of Rs 302.75 till the closing.

Copper Surges On Supply Cuts, Easing China fears

Base Metal Copper - Copper futures soared by over 2.5 per cent in the domestic market on Friday as investors and speculators booked fresh positions in the industrial metal as investors and speculators cheered the announcements from leading copper producers who said that they would cut output as demand eases in China, the world’s biggest copper consumer. 

Freeport McMoRan Inc., the world’s biggest listed copper mining company has said that it will reduce copper supply by 350 million pounds; a bigger cut than the previously announced 250 million pounds.
 

Further, China’s lending data topped estimates as credit growth picked up in November, easing fears over an economic slowdown in the world’s biggest metals consuming nation, brightening the demand outlook for copper. New local currency loans issued by China’s banks and financial institutions came in at 709 billion Yuan in November, up from October’s 15-month low of 513.6 billion Yuan.
 

Copper may extend gains today as China’s industrial output, retail sales and fixed-asset investment numbers for November, came in better-than-expected, bolstering outlook.
 

At the MCX, Copper futures for February 2016 contract closed at Rs 318.75 per kg, up by 2.69 per cent after opening at Rs 310.7, against the previous closing price of Rs 310.4. It touched the intra-day high of Rs 321.65.