MCX Copper rises by 1.47% on strong demand prospects

Copper prices rose by 1.47 per cent on Today at the domestic markets after the gauge measuring business activity in the Dallas Fed region improved to 5 this month from 4.4 in July signaling an improving sentiment in the region which raised the demand outlook for the commodity. At the MCX, copper futures for August 2013 contract were trading at Rs. 480.85 per 1 kg, up by 1.47 per cent, after opening at Rs. 473.90 against the previous closing price of Rs. 473.90. It touched the intra-day high of Rs. 485.50 till the trading.Sentiment improved further after China’s statistics bureau said that the nation’s economy was showing signs of stabilization due to a rebound in overseas demand and is set to achieve the 7.5 per cent economic growth target for this year which further raised the demand outlook for the metal. However, gains were curbed due to the surge in the copper stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME copper stocks rose by 12125 metric tonnes to 576350 metric tonnes as on August 27, 2013