Commodity Online
MUMBAI: Copper stocks take a lead in the rising markets today, as Sterlite Industries and Hindalco witness a heavy buying on the Bombay Stock Exchange during the afternoon trading sessions.

The tow copper giants were trading at their day’s high levels during the post lunch session on BSE. Sterlite Industries Ltd was up by 7.79% at Rs.263.05, while Hindalco Industries Ltd surged by more than 4% to Rs.39.45 on the BSE. However, stocks have been sliding during past one month. Sterlite was trading at 281.20 a month back, while Hindalco was trading at Rs.49.05 in February 2008.



The rise in the stock prices was mainly attributed to the rise in the copper consumption in China. According to available reports, China’s imports of copper and the metal’s products jumped by 42 percent to 329,311 MT in February compare to the previous month.

Copper prices on the Indian commexe remained stable at Rs.185.85 per kg for the MCX-April contract against Rs.185.65 per kg in the spot market. In the international market, copper Futures dropped as much as 0.6 percent to USD 3568 per tonne, and traded at USD 3585 today. The metal had fallen as much as 4.4 percent yesterday, the most since Feb. 27.

While, copper inventories have continued falling for 14 consecutive days and have reached to half of the levels from the start of the year.

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook