Copper rose on Wednesday after data showed China's inflation slipped in October, easing concerns that the government will further tighten monetary policy. At the MCX, copper future for November 2011 contract was trading at Rs. 392.60 per 1 kg, up by 1.42%, after opening at Rs. 388 against the previous closing price of Rs. 387.10. It touched the intra-day high of Rs. 393.70 till the trading. (At 10.31 AM today).
At COMEX, copper futures for December 2011 contract traded higher at US$3.5695 per pound, after opening at US$3.5425. It touched the intra-day high of US$3.6000. (At 11.03 AM today).
China's inflation slowed sharply in October as food prices fell and the government maintained tight restrictions on bank lending and property purchases. Its consumer price index rose 5.5 percent year-on-year, marking the slowest pace since May when the inflation rate hit the same level.
While Chile accounts for 34% of the total world copper mine production, Peru, USA, China, Australia and Indonesia, together are responsible for around 32%.
India's production of refined copper is approximately around 4% of the total world production and in terms of figures it is around 600,000 MT.