Copper futures steady, stocks on the rise
Published on 2009-10-21 11:35:00
MUMBAI (Commodity Online): Copper stocks traded with positive mark on the Bombay Stock Exchange (BSE) today as the copper futures remained steady in the morning trades.
Leading copper miners including Birla group major, Hindalco Industries Ltd traded with gains on the BSE today. Hindalco was trading at Rs.143.35 up by 1.5%, while Hindustan Copper Ltd gained over 3.3% to Rs.240 in the morning trading session.
India copper futures were steady on Wednesday morning as support from a weak rupee was offset by rising inventories at the London Metal Exchange.
The most-traded November copper contract was up 0.03 percent at Rs.299.65 per kg.
Experts believed that the prices would remain range-bound between Rs.297 to Rs.302. The Indian rupee dropped to more than 1-week lows early on Wednesday following the dollar's bounce-back against major units with broadly weaker regional shares also hurting sentiment.
LME data showed copper stocks at near five-month highs of above 357,000 tonnes, spurring demand concerns.