MUMBAI (Scrap Monster): Copper hit another record high at LME reaching $10,117.50/ton, meanwhile copper futures in India’s Multi Commodities Exchange (MCX) on Monday opened on a higher note on global cues.
At Multi Commodities Exchange of India (MCX) Copper February contract is trading at Rs.465.15 per Kg, up by 0.14 percent at 12:10 IST. The contract traded at a high of Rs.465.90 per Kg and a low of Rs.464.20 per Kg in the morning trade.
Volume traded is 8400 kg so far and open interest is 37489 lots as of now.
By 0436 GMT, three-month copper on the London Metal Exchange stood at $10,115 a tonne, up $65 on the day. The contract will extend gains to $10,207, according to Reuter’s analyst.
Prices of copper, often seen as a barometer of economic conditions, hit all time high above $10,000 a metric ton on signs of improvement in the U.S. economy.
The prices of Copper might not be witnessing the volatility and volumes like normal sessions but the markets have remained intact and trading at all time highs. The appreciation of Rupee against the Dollar has held the prices somewhat otherwise the appreciation in the markets would have been much higher, according to analysts.
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