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India copper likely to gain on global market
时间:2010-12-20

India copper likely to gain on global market

Copper ended on a flat note for the week ended 20 Dec 2010. London Metal Exchange Copper forwards started the week at $ 9140 per tonne, on 13 Dec 2010. The prices than moved forward towards all time high of $ 9208 per tonne, on 14 Dec 2010. The markets ended at $ 9072 per tonne on 20 Dec 2010.

The reports of derating of European debt ridden countries, China monetary fears and Dollar appreciation took front seat. Lower demand and higher uncertainty unplugged the buyers from record highs in domestic markets.

Indian Copper futures tested a high of Rs 421.4 per kg, on 14 Dec 2010 after starting the week at Rs 420 per kg on 13 Dec 2010. The markets closed at Rs 419 per kg on 18 Dec 2010, down 0.5% from the top.

For today, the prices are expected to show some improvement in morning. Comex Copper is seen trading at $ 4.1690 per lb, up 0.01 cents. Shanghai benchmark contract is at 67840 yuan per tonne, down 220 yuan.

Last week, the LME inventories were up by 10950 tonnes from 350450 tonnes on 13 Dec 2010 to 361400 tonnes on 17 Dec 2010. This resulted in decline in prices from the all time highs.

Shanghai on-warrants data have shown increase. The Shanghai on-warrants were at 56356 tonnes on 13 Dec 2010 from where they have increased by 7649 tonnes to 64005 tonnes on 17 Dec 2010. Increase of on-warrants suggests that the offtake from warehouses is lower.

The report from WBMS showed that Copper markets were in surplus for the 10-month period ending October 2010. The latest report suggests that markets were in surplus of 68000 tonnes in Jan-Oct 2010.

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