MUMBAI (Commodity Online): Copper prices headed north, touching fresh 20-month high on the London Metals Exchange (LME); however copper miners reeled under heavy selling pressure that gripped market sentiments since morning on Monday.
Copper prices rallied on LME on Monday, heading towards making a fresh 20-month high after sentiments across commodities turned more bullish on a weaker dollar. Three-month copper on the London Metal Exchange CMCU3 rose 1.1 percent or USD 90 to USD 8010 a tonne. The prices, however, touched a fresh 20-month high of USD 8042.75 per tonne in brisk electronic trading.
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In India, copper prices remained upbeat with gains of close to Rs.4 per kg to Rs.354.1 for MCX April contract on Monday, April 12, 2010.
Meanwhile, copper stocks on the Bombay Stock Exchange (BSE) remained gripped in the overall selling pressure, which pulled down metal stocks in red in the morning trades today. The sectoral index, BSE Metals slipped by 0.8% to 18,201.41 points with copper miner, Sterlite Industries Ltd (BOM:500900) sinking by over 1.5% to Rs.872.40.
However, Birla Group miner, Hindalco Industries Ltd (BOM:500440) and Hindustan Copper Ltd (BOM:513599) posted moderate gains in the early trades on BSE. Hindalco gained close to 0.8% to Rs.180.25, while Hindustan Copper traded at Rs.527.55 up by 1.19%.
Meanwhile, benchmark index, Sensex traded with marginal loss of 0.35% to 17,870.93 in the morning trades on Monday.
