Thursday, March 01, 2012

MCX Updates – Copper & Silver

At the MCX, copper for delivery in June fell by 40 paise or 0.09% to INR 432.80 per kilogram with a turnover of 40 lots. The April contract declined by 15 paise or 0.03% to INR 428.50 per kilogram with a turnover of 1,668 lots.

Analysts attributed the fall in copper futures prices to a weakening global trend on worries that global demand may decline after the US data showed orders for durable goods fell in January by the most in three years. Meanwhile, copper for three month delivery fell by 0.6% to USD 8,552 per tonne on the London Metal Exchange in early trade.

Silver is shining again in India contrary to the big fall in the international market. The white metal rose by $40.66 (Rs 2000) in one single day on Wednesday and has jumped to a 7-month high here, though it slid by 7% in the international markets later in the evening on the same day. Traders said investors have turned bullish on silver since the precious metal has posted an 18% gain in the last eight weeks.

At the Multi Commodity Exchange in Mumbai, silver for delivery in March spurted 0.73% with a business turnover of 9,622 lots, early Thursday. Likewise, the metal for delivery in May traded higher by 0.43% with a trade volume of 5,608 lots.