Commodity Online
MUMBAI: Copper stocks gained momentum on the Indian bourses as the copper prices strengthened on the commexes following improved demand scenario in the domestic as well as in the international market.

Leading copper miner, Vedanta Resources Group company, Sterlite Industries Ltd (BOM:500900) recorded gains of over 4% to Rs.718.60, while Birla Group firm, Hindalco Industries Ltd (BOM:500440) surged by over 5% to Rs.92.35 during the morning trading hours on the Bombay Stock Exchange (BSE).

24-Hour Online Forex Trading. Start with FREE practice account

Similarly, Hindustan Copper Ltd (BOM:513599) too witnessed a rise of close to 2% to Rs.267 on BSE. Since beginning of June, the copper stocks have been on the rise with improved demand from domestic and international consumers.

Copper stocks, especially, Hindalco, Sterlite and Hindustan Copper gained sharply from the start of June. Hindustan Copper surged by over 13% since 1st June, while Hindalco gained close to 9% and Sterlite Industries shot up by over 15% since the start of June 2009.

In the wake of renewed demand in the international market, copper prices have started recovering from its sluggish pace. According to rough estimates, the copper prices have touched a seven month peak in recent times. In India copper Futures traded firm at Rs.239.30 per kg for MCX June contract after touching Rs.240.20 for the day’s high. However, in the spot market the metal price remained at a lower end of Rs.229.10 per kg. However, in the international market copper prices remained low at USD 5018 per MT.

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook