MUMBAI (Commodity Online): Copper stocks traded weak on the Bombay Stock Exchange today as the over all market sentiments remained low.

Copper prices in the international market topped the 14-month peak on Wednesday. Copper for December delivery HGZ9 on the New York Mercantile Exchange's COMEX division ended up 0.20 cent at $3.1105 a lb, away from a session peak at $3.1720, its highest level since late September 2008.

Get Trading Tips just for one commodity

Copper stocks on the Bombay Stock Exchange (BSE) today remained under pressure as the leading copper miner Vedanta Group company, Sterlite Industries Ltd (BOM: 500900) reeled under marginal loss at Rs.863.25, while Hindustan Copper Ltd (BOM:513599) traded at Rs.279 down by over 1% in the morning trading hours on the BSE today.

On the London Metal Exchange (LME), benchmark copper MCU3 touched $6,992 a tonne, another high dating back to September 2008, and more than double the levels seen in January.

The metal used in power and construction settled up $25 at $6,880 a tonne. Prices of industrial metals have been rising since early April, when markets with the help of stronger economic data from around the world, including top consumer China, started to think the worst of the recession could be over.

Chinese purchases of copper for stockpiling was up until the middle of July meant stocks of the metal in LME warehouses fell. But since then stocks have risen by more than 60 percent to above 410,000 tonnes, the highest since late April.

On the Indian Commexes, Copper prices edged upwards at Rs.318.25 per kg for MCX November contract. The prices are believed to remain firm for coming days.

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook