This could be possible because the commodity has an inherited structural problem pertaining to demand. Although LME stocks declined yesterday by 2225 tons, there was no reaction in the commodity. As we understand, China, the largest consumer of copper in the world is now facing a very strong economic crisis, because of which demand for all the industrial metals is slackening. We may continue see copper remain lower unless any change in the economy takes place.
Cooper’s 3-month forward prices at the LME ended the day on a lower note by 1.38% at $6404.50. Likewise, the April futures contract at the domestic market settled at Rs 399.60, down by Rs 3.10 from its previous close. Although copper prices are trading near a high-supply phase, we are not yet seeing any price
recovery or surge.
Try once at www.zoidresearch.com or contact us @ 9039073611.
0 comments: