Copper futures prices on the national commodity platform on the week ended on Friday continued to rule low mainly on Chinese demand concerns. Copper futures was under downward pressure on Friday as concerns about future demand resurfaced with China’s restocking seen coming to an end and as doubts about the health of the global economy haunted investors.
Crude oil futures and gold futures moved in opposite directions as crude oil prices gained further ground last week on weak demand. Crude oil traded in a $3-range to near $71 a barrel in the US last week.
MCX Copper July 2009 contracts were traded higher at Rs 242.45 per kg on Friday, down 4% over the previous week. LME copper for three months delivery was at $5,039 a tonne on Friday. Copper has fallen around 8% since hitting an eight-month high of $5,388 a tonne last week. Copper inventories monitored by the LME fell by 1,575 tonne to 2.81 lakh tonne on Thursday.
Spot copper treatment and refining charges (TC/RCs), the fees charged by smelters to refine copper concentrate into metal, had fallen to as low as $30 a tonne and 30 cents a pound from $50 a tonne and 5 cents a pound in late May.
MCX Crude oil July 2009 futures was up Rs 92 to trade higher at Rs 3,497 per barrel on Friday over the previous week. Crude futures may fall next week on speculation that US fuel stockpiles will increase as the recession and rising prices sap consumption, according to a Bloomberg News survey.
MCX Gold August 2009 contracts were traded steady at Rs 14,547 per 10 gram on Friday. Gold edged up marginally in Europe on Friday, as the dollar index slipped into negative territory, but trading was muted ahead of a key Federal Reserve meeting next week. Spot gold was at $934.05. MCX Silver July 2009 contracts were down Rs 1,100 to trade at Rs 22,751 per kg on Friday over the previous week. Silver was traded lower at $14.25 an ounce.