July has been a productive month for Copper. The prices of Copper in domestic futures markets have improved by 12% in July so far.
Expectations after the June Chinese imports data were that Copper will find it tough to sail in the wobbling markets but the recovery in the EURO and improvement of sentiments in world markets proved the analyst wrong.
Inventories also kept the head down that were helpful for the buyers. On Thursday, LME inventories saw a gain of a marginal 100 tonnes after three days of continuous fall. The rise was insufficient to bring the markets down. LME inventories have declined by 37900 tonnes, down 8.9% since the start of July to 411525 tonnes.
MCX Copper is trading at Rs 337.4 per kg, up Rs 2. The markets are now up by 12% from 1 July, when the prices were at Rs 301 per kg.
Shanghai Copper benchmark contract closed at 56220 yuan per tonne, up 650 yuan.
Last night, the commerce department said that the durable goods fell by 1.0 percent in June following a revised 0.8 percent decrease in May. Meanwhile, Fed Beige Book report released on Thursday said that the economic activity in US has continued to grow though the pace of the demand is slow.