ST: Copper to stay bullish on strong demand outlook
Commodity reported that Buoyancy is expected to remain intact in copper with dollar falling weaker. The prices had touched the highest level in 5 months with robust demand outlook with US Federal Reserve taking steps to stimulate the economy.
The futures contract for December delivery on the COMEX metals division of the New York Mercantile Exchange jumped close to 2.5% to close at USD 3.56 per pound.
The benchmark London Metal Exchange copper too inched ahead with gains or USD 160 per tonne to close at USD 7,868 per tonne the highest price since April 16.
The global sentiment is upbeat for metal consumption as the US central bank sounded measures to bring sustained recovery in the economy. The demand outlook seemed positive for the industrial metal.
However, the 3 month copper on LME traded with marginal loss at USD 7,836.25 per tonne in the morning trades at Singapore. The weakness persisted in dollar for the fourth straight day. The Fed has kept its benchmark interest rate at zero percent to 0.25%.
