SHANGHAI COPPER STABLE AFTER CORRECTIONS
23rd March – 2012
The markets of copper in Shanghai have turned stable after a set of negative events that coiled the metal from rising. Negative PMI numbers from China reported earlier in the week coupled with higher imports and production is turning unconstructive for red metal. The rise in imports is not reaching the demand pipeline and is creating trouble for already lower prices.
Shanghai Copper was seen trading at 60030 yuan per ton, up 70 yuan. The prices have declined by 1280 yuan per ton in March alone. In March, Shanghai Copper has reached highs of 61720 yuan per ton and a low of 59030 yuan per ton. www.goldennifty.com
LME Copper forwards were trading at $ 8385 per ton, compared to $ 8289 per ton on Thursday. MCX Copper April contract was seen trading at R 432 per kg, up 0.5% or R 2. The prices are trying to garner support at R 427 while Resistance for the contract is at R 435 per kg. www.goldennifty.com
Powered By Commodity Insights.
No comments:
Post a Comment