Long-drawn-out shutdown in world’s second biggest mine has underpinned Copper prices that are marching forward. The LME three month Copper prices were trading at 11 days high levels as it crossed $ 7400 per tonne. Copper has been gaining on account of higher spot premiums in China due to lower available quantity.
Meanwhile, Freeport Grasberg mine was closed down and is expected to remain closed for government investigation for a period of three months. Production outage can slash 150000 to 200000 tonnes of Copper supplies from the markets. Inventories of Copper are still at higher levels at 614075 tonnes, up 92 percent in 2013 so far.
MCX Copper closed down at Rs 420.5 per kg, up 1.2 percent. Further gains are expected in the markets with targets of Rs 422 kg. Supports for Copper are at Rs 416 and 414 levels. Click here to get more information about Copper Updates and more Commodity Tips. For Commodity Tips Free Trial visit here: http://maxcommodity.com/free-trial/
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