Strong euro zone labor data lifts Copper futures
Copper prices rose by 0.32 per cent on Tuesday after euro zone’s unemployment rate held steady at the lowest level in almost five years in April, fueling optimism over the health of the region’s economy which raised the demand outlook for the metal. Eurostat said that the euro zone’s unemployment rate was unchanged at a seasonally adjusted 10.2 per cent, in line with expectations. This is the lowest rate recorded in the euro area since August 2011. At the MCX, copper futures for June 2016 contract were trading at Rs.313.50 per 1 kg, up by 0.32 per cent, after opening at Rs. 312.60 against the previous closing price of Rs. 312.50. It touched the intra-day high of Rs. 315.40 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 2025 metric tonnes to 151725 metric tonnes as on May 31, 2016.
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