CommodityUpdates – Copper Surges 1.03 pct On Strong US Data
Copper prices rose by 1.03 per cent on Wednesday after the number of job openings in the US unexpectedly rose in March, remaining in territory consistent with an improving labor market as employers actively seek workers which raised the demand for the metal. In a report, the US Labor Department said that the number of job openings, excluding the farming industry, increased to 5.757 million in March from 5.608 million a month earlier, which was revised from the original reading of 5.445 million. At the MCX, copper futures for June 2016 contract were trading at Rs.315.10 per 1 kg, up by 1.03 per cent, after opening at Rs. 313 against the previous closing price of Rs. 311.90. It touched the intra-day high of Rs. 315.30 till the trading.
However, gains were limited 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 725 metric tonnes to 161625 metric tonnes as on May 11, 2016.
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