MUMBAI (Commodity Online): At the Multi-Commodity Exchange of India (MCX), Copper August contract opened at 437.20 on Monday, gaining more than 0.22% to trade at 437.95 as of late afternoon trade.
Market sentiment is extremely bullish
-The US assurance that the debt ceiling issue will be solved became positive for the metal.
-The strike at Escondida, world’s largest copper mine, enters its 10th day has raised supply concerns. Copper was expected to be in deficit by 343,150 tonnes as per a Reuters poll. But the strike at Escondida will tighten the supplies further.
-Inventories at the London metal exchange has fallen by 525 tonnes to 466,025 tonnes
The metal has not broken the opening of 437.20; the price thus remains the low of the day. This indicates an extreme bullishness at the market.
At the London Metal Exchange (LME), Copper rose 0.5 percent to a 4 month high at $9,880 a tonne by 0913 GMT, up from a close of $9,820 a tonne on Friday, as per a Reuters report.
