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Copper surges 0.22% on bullish German Ifo data

By Religare
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Copper prices rose by 0.22 per cent on Tuesday after German business confidence in November improved to the highest level since 2014, boosting optimism over the health of the euro zone's largest economy which raised the demand outlook for the metal. The German research institute, Ifo said its Business Climate Index rose to a seasonally adjusted 109.0 this month from a reading of 108.2 in October, beating forecasts for 108.2. At the MCX, copper futures for November 2015 contract were trading at Rs.297.25 per 1 kg, up by 0.22 per cent, after opening at Rs. 296.60 against the previous closing price of Rs. 296.60. It touched the intra-day high of Rs. 299.30 till the trading. (At 4.40 PM today).

 

Prices rose further 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 450 metric tonnes to 250675 metric tonnes as on November 24, 2015.

Story first published: Tuesday, November 24, 2015, 23:00 [IST]
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