The MCX Copper futures advanced today, adding awesome gains on fresh buying support as the global prices spurt on persistent sell off in the US dollar and ideas the Chinese demand would stay stronger. A very strong rebound in the US index futures also led the bellwether industrial metal up.
The prices rose in Asia as China's leading economic index climbed 0.8 percent to 147.0 in June, following a revised 0.9 percent gain in May, the New York-based Conference Board's report showed today. Further, the amount of foreign direct investment (FDI) that flowed into China in July rose 29.2 percent year on year to 6.924 billion U.S. dollars, a Ministry of Commerce (MOC) spokesman said today. The figure brought FDI inflows to China in the first seven months of the year to 58.35 billion U.S. dollars, an increase of 20.65 percent from a year earlier.
LME Copper inventories slid by 3525 tonnes to 405025 tonnes, pushing up the commodity nearly to $3.40 per pound. The benchmark COMEX futures were last seen quoting at $3.3310, up 5.10 cents or 1.57% from the previous close. MCX Copper was put on a firm track by a break above Rs 340. The August MCX futures trade at Rs 342.40, up Rs 4 or 1.20% with more than 8% gain in open interest.
