Copper eases on Chinese import data

Metal Recycling News  |  2011-06-10 04:40:59   |   By

Copper futures at global markets eased on Friday after Chinese trade data showed a surprising fall in copper imports in May from April

LONDON (Scrap Monster): Copper futures at global markets eased on Friday after Chinese trade data showed a surprising fall in copper imports in May from April.

Tracking global cues copper futures at India’s Multi Commodities Exchange are also trading on a lower note.

Copper June contract is trading at Rs. 403.75 per Kg, down by 0.51 percent at 11: 40 IST.

The contract traded at a high of Rs. 406.35 per Kg and a low of Rs. 403.60 per Kg for the time being. Volume traded is 14864 kg so far and open interest is 27925 lots as of now.

Three-month copper on the London Metal Exchange was down $9.75 to $9,045.25 at a tonne by 0515 GMT, after closing 0.3 percent higher in the previous session.                

 The most-active August copper contract on the Shanghai Futures Exchange SCFcv1 rose 0.8 percent to 67,900 Yuan per tonne, catching up with overnight gains in London. The premium for London copper versus Shanghai narrowed to 664 Yuan, from around a 1,000 in the previous session.